TEL AVIV, July 24 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
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)