Tuesday January 21, 11:51 am ET

Sapiens Gets Nasdaq Delisting Notice

RESEARCH TRIANGLE PARK, N.C. (Dow Jones)--Sapiens International Corp. N.V. is subject to delisting from the Nasdaq National Market for failing to comply with a minimum $1 bid price requirement.

In a press release Tuesday, the IT provider said it has requested a hearing before a Nasdaq listing qualifications panel to present its compliance plan. Sapiens' common stock will remain listed on the National Market pending that hearing

"Sapiens is in compliance with all of the other Nasdaq National Market maintenance criteria and views the $1 minimum bid requirement as a short-term problem," said Itzick Sharir, president and chief executive in a statement.

"The non-compliance with the minimum bid price requirement does not reflect the progress of our long-term business plan," Sharir said. "We are experiencing a healthy inflow of orders and remain confident in our ability to increase shareholder value."

Sapiens' closing bid price has been at or around $1 for the past eight trading days, the company said.

The company's shares recently traded at 92 cents on the news, down 8% or 8 cents, on Nasdaq volume of 3,100 shares. Average daily volume is 88,614 shares. Sapiens' shares reached a 52-week low of 56 cents on November 8, and a 52-week high of $1.37 on February 15.

Company Web site: http://www.sapiens.com

Lisa Del Greco, Dow Jones Newswires; 201-938-5400