PRF Technologies Requests Hearing After Nasdaq Delisting Determination

Tel Aviv-based PRF Technologies said on November 12 that it had requested a hearing to appeal a Nasdaq delisting determination over its share price. The company said the request stays suspension and delisting until the Nasdaq Hearings Panel decides the case, with its ordinary shares continuing to trade under the symbol PRFX. According to PRF, Nasdaq's Listing Qualifications Department sent the determination on November 9 after the shares' closing bid price remained below $1 for 30 consecutive business days, from September 24 through November 4. The company said it was ineligible for the usual 180-calendar-day compliance period because it had carried out a 1-for-5 reverse share split on February 6, within the preceding year. Interim chief executive Efraim Cohen-Arazi said: “The notice does not affect our current business operations.” He reported approximately $11 million in cash and short-term deposits as of September 30, based on preliminary, unaudited information. PRF said it had requested the hearing within the deadline set by Nasdaq, November 16 at 4 p.m. Eastern Time. It intends to present a compliance plan that may include another reverse share split if necessary. The company said the panel could grant an exception until May 8, 2027, to regain compliance, but cautioned that continued listing was not assured.