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Article: TAT Technologies Ltd. Announces Receipt of Letter From NASDAQ.
- Article from:
- PR Newswire
- Article date:
- August 17, 2009
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GEDERA, Israel, August 17 /PRNewswire-FirstCall/ -- TAT Technologies Ltd. ("TAT") today announced that it has received a letter dated August 12, 2009 from the NASDAQ staff stating that TAT had failed to comply with Listing Rule 5635(a) which requires companies listed on the NASDAQ Stock Market to obtain shareholder approval for any share issuance in connection with an acquisition which would exceed 20% of the total shares outstanding or voting power. On July 2, 2009, in connection with the acquisition of Limco-Piedmont, Inc., TAT issued 2,520,372 ordinary shares, which exceeded the 20% threshold.
On August 12, 2009, TAT's Israeli counsel provided the NASDAQ ...