- RiT Technologies (NASDAQ: RITT), a leading provider of Converged Infrastructure Management Solutions, announced today that:
1. The Company received an additional (fourth) NASDAQ staff deficiency letter dated May 26, 2016 (the “Letter”), stating that since the Company has not yet filed its Form 20-F annual report for the period ended December 31, 2015 (the “Filing”), the Company no longer complies with NASDAQ’s Listing Rules for continued listing (under NASDAQ Listing Rule 5250(c)(1)).
The Letter states that the Company must submit its plan to regain compliance, no later than June 13, 2016. Following its submission and if NASDAQ accepts the Company’s plan, NASDAQ can grant the Company an extension of up to 180 calendar days from the Filing’s due date, or until October 31, 2016 to regain compliance.
2. The Company received another (fifth) NASDAQ staff deficiency letter dated May 26, 2016 (the “Letter”), relating to non-compliance with NASDAQ’s audit committee composition requirements, under NASDAQ Listing Rule 5605(c)(2) (the “Rule”). Previously, on April 12, 2016, NASDAQ notified the Company that it was eligible for a cure period, through March 17, 2017, to comply with the Rule due to the fact that there was one vacancy on the Company’s audit committee. However, due to the recent resignations of Mr. Israel Frieder and Mr. Hanan Samet the Company no longer has any independent directors remaining and therefore, the Letter states that the Company is no longer eligible for the cure period described in the NASDAQ’s previous letter.
This Letter further states that the Company must submit its plan to regain compliance, no later than June 13, 2016. Following its submission and if NASDAQ accepts the Company’s plan, NASDAQ can grant the Company an extension of up to 180 calendar days from the date of the Letter to evidence compliance.
About RiT Technologies
RiT Technologies (NASDAQ: RITT) is a leading provider of converged IT infrastructure management and connectivity solutions. RiT offers a platform that provides a unified way to manage converged systems and services to improve network utilization, streamline infrastructure operations, reduce network operation cost, optimize future investments and enhance data security.
RiT’s connectivity solution includes IIM – Intelligent Infrastructure Management, high performance end-to-end structured cabling solutions.
RiT Technologies’ subsidiary RiT Wireless Ltd. produces a range of optical wireless solutions under the Beamcaster brand, which provide high speed, highly secure data communications across indoor open spaces.
Deployed around the world in data centers, large corporations, government agencies, financial institutions, telecommunications, airport authorities, healthcare organizations and educational facilities. RiT’s shares are traded on the NASDAQ Capital Market under the symbol RITT.