Top Image Systems Receives Nasdaq Notice Regarding Non-Compliance with Continued Listing Standards; Is Granted Additional Time to Regain Compliance with Minimum Bid Requirement
TEL AVIV, Israel and PLANO, Texas, April 19, 2019 (GLOBE NEWSWIRE) — Top Image Systems Ltd. (the “Company” or “Top Image Systems”) (Nasdaq:TISA) announced today that it has received a notice from Nasdaq on April 16, 2019 regarding non-compliance with continued listing standards because it has not filed its Annual Report on Form 10-K for the period ended December 31, 2018 (the “Filing”). The notice provides that, under Nasdaq Rules, the Company has until June 17, 2019 to submit a plan to regain compliance. Top Image Systems signed a definitive merger agreement on February 4, 2019 to be acquired by Kofax Holdings International Ltd. and expects the closing of this merger to occur the week of May 6, 2019, at which point Top Image Systems intends to voluntarily delist its ordinary shares from the Nasdaq Capital Market, prior to the deadline to submit the plan to regain compliance.
If the Company submits a plan to regain compliance by June 17, 2019, and if the plan is accepted, Nasdaq can grant an exception of up to 180 calendar days from the due date of the Filing, or until September 30, 2019, to regain compliance.
Separately, on April 18, 2019, the Company received notice from Nasdaq indicating that the Company was granted an additional 180 calendar days, or until October 14, 2019 to comply with Nasdaq’s minimum bid price requirement. The continued listing standard will be met if the Company’s ordinary shares have a closing bid price of at least $1.00 per share for 10 consecutive business days during the 180 calendar day grace period.
Top Image System reiterates that it expects to voluntarily delist its ordinary shares from the Nasdaq Capital Market following the closing of the acquisition by Kofax, anticipated for the week of May 6, 2019 and before the deadline for submitting the plan and for complying with the minimum bid price requirement.
As previously announced, at an extraordinary general meeting held April 4, 2019, the shareholders of Top Image Systems voted overwhelmingly to approve the previously announced acquisition by Kofax. A quorum was achieved, and 99% of the voting shareholders approved the merger, anticipated to close after the 30-day period mandated by Israeli law.
Additonal information can be found in Nasdaq’s Form 8-K.
About Top Image Systems Top Image Systems™ (TIS™) Ltd. is a global innovator of on-premise and cloud-based applications that optimize content-driven business processes such as procure to pay operations, remittance processing, integrated receivables, customer response management and more. Whether originating from mobile, electronic, paper or other sources, TIS solutions automatically capture, process and deliver content across enterprise applications, transforming information entering an organization into useful and accessible electronic data, delivering it directly and efficiently to the relevant business system or person for action with as little manual handling as possible. TIS’ solutions are marketed in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers and strategic partners. Visit the company’s website at www.topimagesystems.com/ for more information.
TIS Investors Contact:
James Carbonara, Regional Vice President, Hayden IR
james@haydenir.com + 1 646 755 7412
