PETACH-TIKVA, Israel, July 26, 2018 /PRNewswire/ --
Eltek Ltd., (ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today that on July 24, 2018, it received a notice from the Listing Qualifications Department of Nasdaq advising that, in light of the resignation of Ms. Lian Goldstein, an independent director, the Company is currently not in compliance with Nasdaq's audit committee requirements as set forth in the Nasdaq Listing Rules.
Eltek must regain compliance prior to the earlier of the Company's next annual shareholders' meeting or July 20, 2019. If the next annual shareholders' meeting is held before January 16, 2019, the Company must evidence compliance no later than January 16, 2019.
In the event Eltek does not regain compliance by the dates set forth above, Nasdaq will provide written notification to the Company that its securities will be delisted. At that time, the Company may appeal the delisting determination to a hearing panel.
Mr. Yitzhak Nissan, Chairman of the Board of Directors, commented: "The Company is currently searching for a professional candidate to replace Ms. Goldstein, which will be brought for shareholders' approval as soon as practicable."
Eltek - "Innovation Across the Board," is a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), and is the Israeli leader in this industry. PCBs are the core circuitry of most electronic devices. Eltek specializes in the manufacture and supply of complex and high quality PCBs, HDI, multilayered and flex-rigid boards for the high-end market. Eltek is ITAR compliant and has AS-9100 and NADCAP Electronics certifications. Its customers include leading companies in the defense, aerospace and medical industries in Israel, the United States, Europe and Asia.
Eltek was founded in 1970. The Company's headquarters, R&D, production and marketing center are located in Israel. Eltek also operates through its subsidiaries in North America and in Europe and by agents and distributors in Europe, India, South Africa and South America.
For more information, visit Eltek's web site at http://www.nisteceltek.com.
Forward Looking Statement:
Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to statements regarding expected results in future quarters, risks in product and technology development and rapid technological change, product demand, the impact of competitive products and pricing, market acceptance, the sales cycle, changing economic conditions and other risk factors detailed in the Company's Annual Report on Form 20-F and other filings with the United States Securities and Exchange Commission.
Chief Financial Officer