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Actelis Networks Inc. (NASDAQ:ASNS) reported Thursday that it recently presented its plan to the Nasdaq Hearing Panel to regain and maintain compliance with the stockholders’ equity requirement for continued listing on the Nasdaq Capital Market. The update was disclosed in a press release statement and detailed in a Securities and Exchange Commission filing.
According to the filing, Actelis Networks received notice in August from Nasdaq’s Listing Qualifications Staff regarding non-compliance with the $2.5 million minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1), based on the company’s financial position as of June 30. The company’s securities were subject to potential delisting unless it requested a hearing before the Nasdaq Hearing Panel, which has since taken place.
During the hearing, Actelis Networks presented its plan to demonstrate and maintain compliance with Nasdaq’s equity rule and other continued listing criteria. The company stated that there is no assurance the panel will grant its request for continued listing or that it will be able to meet the requirements within any extension period that may be provided.
In a previous filing dated October 2, Actelis Networks announced the closing of a private placement on September 29 involving common stock and pre-funded warrants with White Lion Capital LLC. The transaction generated gross proceeds of approximately $850,000. Additionally, the company entered into an equity line of credit agreement for up to $30 million, effective for 36 months.
Based on the proceeds from the private placement, Actelis Networks believes it currently meets the $2.5 million minimum stockholders’ equity threshold required by Nasdaq. The company is awaiting formal confirmation from Nasdaq regarding its compliance status. The filing notes that if the company’s next periodic report indicates non-compliance with the equity rule, it may again be subject to delisting.
All information is based on a press release statement and the company’s filing with the Securities and Exchange Commission.
In other recent news, Actelis Networks has announced several significant developments. The company plans to raise approximately $1.6 million through the immediate exercise of certain outstanding warrants at a reduced price. This financial move is expected to generate gross proceeds and involves the purchase of over 4 million shares. Additionally, Actelis Networks secured a $0.5 million order from the Federal Aviation Administration to provide advanced hybrid-fiber networking solutions for air traffic control infrastructure modernization.
The company also received a $0.3 million order for cybersecurity software and services from a major telecommunications carrier in Southern Europe, focusing on enhancing cybersecurity for a large global installation. Furthermore, a major German city awarded Actelis Networks approximately $100,000 to upgrade urban infrastructure networking capabilities with secure IoT connectivity. In an effort to optimize its operations, Actelis Networks has initiated a restructuring to cut expenses by 20% by the end of 2025, focusing on AI implementation and cost-saving measures. These recent developments reflect Actelis Networks’ strategic efforts to enhance its financial position and operational efficiency.
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