On Track Innovations Ltd. (NASDAQ:OTIV) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01.
On August 14, 2017, following discussions initiated by On Track Innovations Ltd. (the “Company”), the Company received a letter from the staff of The NASDAQ Stock Market LLC (“Nasdaq”) indicating that from March 2016 through November 2016, the Company inadvertently issued in the aggregate 490,000 options from the Company’s Amended and Restated 2001 Stock Option Plan (the “Plan”), of which 45,000 were forfeited as a result of certain grantees leaving the Company and 445,000 remain outstanding and unexercised. Because the Plan had expired prior to the dates of those issuances, Nasdaq determined that those issuances did not comply with the shareholder approval rules contained in Nasdaq Listing Rule 5635(c).
However, since on August 10, 2017, the Company provided confirmation of executed agreements with the holders of the 445,000 outstanding options prohibiting exercise until shareholder approval is obtained, Nasdaq also determined in its letter that the Company has regained compliance with Rule 5635(c) and that this matter is now closed.
About On Track Innovations Ltd. (NASDAQ:OTIV)
On Track Innovations Ltd. is a developer of cashless payment solutions. The Company’s segments include Retail and Mass Transit, Petroleum, Parking and Other. The Company offers solutions for banking, mobile network operators, vending, mass transit, petroleum and parking. The Company provides its customers with training and installation support, customer service and technical support. Its PayEnable technology can be implemented into a range of products. Its Retail and Mass Transit products include TRIO mPOS, Pico BT, WAVE, WAVE PKI, oti SATURN 6700 UNO, oti SATURN 6500 TRIO and oti SCI 6000. It also offers otiMetry and oti CONNECT 3000. Its EasyFuel Plus solution is a wireless, cashless, cardless and paperless refueling tracking and payment solution. Its EasyPark set of parking solutions provides parking fee collection, parking payment enforcement and parking management solution. Its MediSmart solution is an information management and claims submission system for the medical sector.