CIMdata PLM Industry Summary Online Archive
8 February 2011
Financial News
Cimatron Announces its Intention to Register its Shares for Dual Listing on the Tel Aviv Stock Exchange
Cimatron Limited announced its intention to register its shares for dual listing on the Tel Aviv Stock Exchange.
Dual listing on the Tel Aviv Stock Exchange ("TASE") is allowed under Israeli law without any additional regulatory requirements for companies whose shares are listed on certain exchanges outside of Israel, including the NASDAQ Capital Market.
In order for Cimatron to qualify for the dual listing registration process, it needs to maintain a market capitalization of over NIS 135M for a period of at least 30 days prior to its registration with the TASE, based on the average price of the company's shares in the NASDAQ Capital Market during such period. Cimatron's current market capitalization (based on the current representative exchange rate of 3.676 NIS/$US) is approximately NIS141.6M ($US38.5M), and Cimatron has maintained an average market capitalization above the minimum required for 20 consecutive days.
Cimatron's Board of Directors has approved the registration on the TASE, once (and if) Cimatron meets the requirements above.
"We are excited about the possibility of joining the TASE with this new dual listing," said Yossi Ben-Shalom, Chairman of the Board of Directors of Cimatron. "We believe that this step will expand our exposure to the Israeli investment community and will increase the interest in Cimatron among Israel's large and sophisticated institutional investors, as well as provide trading access for European investors during regular European business hours."
In the event that Cimatron's ordinary shares are registered for dual listing on the Tel Aviv Stock Exchange, such shares will continue to be listed on the NASDAQ Capital Market in the United States, and Cimatron will remain subject to the rules and regulations of NASDAQ and of the U.S. Securities and Exchange Commission.
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