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Tuesday January 21, 8:13 am ET
Sapiens Receives Nasdaq Notification of Potential Delisting
Sapiens requests hearing to present plan to regain compliance; Shares will continue trading on National Market until outcome of hearing
RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--Jan. 21, 2003-- Sapiens International Corporation (Nasdaq:SPNS - News), today announced that it was notified on January 15, 2003 by the Nasdaq Listing Qualifications Department that it is not in compliance with the $1.00 minimum bid price requirement set forth in NASD Marketplace Rule 4450(a)(5), and that its common stock is therefore subject to delisting from the Nasdaq National Market.
The Company has requested a hearing before a Nasdaq Listing Qualifications Panel in order to present its plan for regaining compliance with the minimum bid requirement. The Company's common stock will remain listed on the Nasdaq National Market pending the outcome of the hearing.
The closing bid price of the Company's common stock has been at or around $1.00 for the past eight trading days.
Commenting on the Nasdaq notification, Itzick Sharir, the Company's President and CEO, stated: "Sapiens is in compliance with all of the other Nasdaq National Market maintenance criteria and views the $1.00 minimum bid requirement as a short-term problem. If the stock price does not correct itself, we will present a solid plan to regain compliance within a short time while our shares continue to trade on the National Market." Mr. Sharir added that "the non-compliance with the minimum bid price requirement does not reflect the progress of our long-term business plan. We are experiencing a healthy inflow of orders and remain confident in our ability to increase shareholder value."
About Sapiens International
Sapiens International Corporation (Nasdaq:SPNS - News) is a leading global provider of proven IT solutions that modernize business processes and enable insurance organizations and other leading companies to adapt quickly to change. Sapiens' modular solutions are widely recognized for their ability to cost-effectively align IT with the business demands for speed, flexibility and efficiency. Sapiens operates through wholly owned subsidiaries in North America, EMEA and Asia Pacific. The Company has partnerships with market leaders such as IBM and EDS and its clients include AXA, Liverpool Victoria, Norwich Union, OneBeacon, Principal Financial, Prudential, Abbey National, Honda, International Paper, Panasonic UK among others. For more information, please visit www.sapiens.com.
(a) Indicates trademark or registered trademark of International Business Machines Corporation. All other trademarks are the properties of their respective companies.
Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, changing economic conditions, risks in new product and service development, the effect of the company's accounting policies and other risk factors detailed in the Company's SEC filings.
Contact:
Sapiens International
Yuval Hadari, +1-877-554-2426 or +972-8-938-2721
E-mail: yuval.h@sapiens.com
or
Itzick Sharir, +44-1895-464 265
E-mail: itzick.s@sapiens.com
 
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