FREMONT, Calif. - Actelis Networks, Inc. (NASDAQ:ASNS), a provider of networking solutions for IoT applications, announced today that it has regained compliance with Nasdaq's minimum bid price requirement.
The Nasdaq Stock Market LLC notified the company that its ordinary shares have maintained a closing bid price of $1.00 or higher for 10 consecutive business days, meeting the criteria of Nasdaq Listing Rule 5550(a)(2). This achievement closes the previous bid price deficiency issue.
The Nasdaq rule mandates that listed companies maintain a minimum bid price of $1.00 per share. Actelis Networks' compliance with this rule ensures its continued listing on the exchange. The company specializes in cyber-hardened, rapid-deployment networking solutions catering to a range of sectors, including government, transportation, utilities, telecommunications, and education.
Actelis Networks' portfolio includes hybrid fiber-copper networking equipment, high-density Ethernet devices, advanced management software, and cybersecurity features. These solutions are designed to enhance the safety and efficiency of wide-area IoT networks, enabling quick and cost-effective deployments.
The press release contained forward-looking statements, which are subject to risks, uncertainties, and assumptions that could cause actual results to differ from those projected. Actelis Networks' future performance and the trading price of its common stock may vary significantly. The company cautions not to place undue reliance on these forward-looking statements, which reflect its views only as of the date of the press release.
This announcement is based on a press release statement from Actelis Networks, Inc. The company has made no further comments on the matter.
In other recent news, Actelis Networks has announced a series of significant developments. The company has entered into a partnership with Carahsoft Technology Corp., aiming to distribute its hybrid-fiber connectivity solutions to government agencies in the United States and Canada.
Actelis has also revealed plans to raise approximately $3 million in gross proceeds from the immediate exercise of outstanding warrants, with H.C. Wainwright & Co. serving as the exclusive placement agent for the offering.
In a significant move, Actelis Networks has secured orders for its cyber-hardened technology to be implemented at three U.S. military bases, following recent cybersecurity certifications. The company has also announced its intent to acquire a majority stake in Quality Industrial Corporation, a Dubai-based company specializing in industrial and energy solutions. This merger is projected to create a combined entity with a proforma revenue of $17 million in 2023.
Actelis Networks has also been active in infrastructure projects. The company completed a traffic network upgrade in Bakersfield, California, deploying its patented hybrid-fiber technology to facilitate high-speed, real-time data transmission across the city's traffic intersections.
Moreover, Actelis secured a $2.3 million contract with the Washington D.C. Department of Transportation to provide a hybrid-fiber intelligent networking solution. These are recent developments, demonstrating Actelis Networks' continued growth and expansion in its field.
InvestingPro Insights
Actelis Networks, Inc. (ASNS) has shown a remarkable turnaround by regaining compliance with Nasdaq's minimum bid price requirement, which is a positive signal for investors. In the realm of real-time financial metrics, the company's market capitalization currently stands at a modest 7.11 million USD, reflecting its position in the market.
Despite not being profitable over the last twelve months, the company has experienced significant returns, with a one-week price total return of 48.25% and a staggering one-month price total return of 312.93%.
These recent surges in stock price may be attributed to investor optimism about the company's prospects or broader market movements. Still, potential investors should be aware that Actelis Networks is quickly burning through cash, and its short-term obligations exceed its liquid assets, which may pose risks for its financial stability.
The stock generally trades with high price volatility, which could mean greater risk or potential reward for traders. The company does not pay a dividend, which might be a consideration for those focused on income-generating investments.
For those interested in a deeper dive into the company's financial health and future prospects, there are an additional 9 InvestingPro Tips available for Actelis Networks at InvestingPro. Subscribers can also use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to exclusive insights and analytics that could help in making more informed investment decisions.
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