TEL AVIV (Reuters) - Israeli wireless broadband technology firm Alvarion said it received a letter from Nasdaq’s Listing Qualifications Department indicating the company’s ordinary shares are subject to delisting.
The department cited concerns stemming from the appointment of a receiver to enforce liens registered against the company as well as the residual equity interest of the company’s shareholders, Alvarion said on Wednesday.
The company said it intends to request a hearing before the Nasdaq Listing Qualifications Panel to review the decision.
The request must be filed within seven calendar days from receipt of the letter, or by July 24. Alvarion will remain listed on Nasdaq pending the outcome of the hearing. A hearing date has not been set.
Silicon Valley Bank had requested a Tel Aviv court to enforce liens and appoint a receiver to collect a loan issued to the company. The district court of Tel Aviv on July 15 decided to appoint a receiver.
Alvarion has struggled to gain a foothold in the long-range wireless Internet sector with its WiMax products and earlier this year sold its broadband wireless access business to Telrad Networks for $6 million.
Alvarion posted a 45 percent drop in first-quarter revenue to $8.5 million and posted a loss of 51 cents per share excluding one-off items.
Reporting by Tova Cohen