Ceragon Networks Ltd. Announces Demise of Avi Patir, Director and Chairman of Financial Audit Committee, Corporate Audit Committee, Nomination Committee and Compensation Committee
February 08, 2018 at 08:00 am EST
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On January 28, 2018, Avi Patir, a member of Ceragon Networks Ltd.'s Board of Directors since March 2007, passed away. Mr. Patir served on the Financial Audit Committee, the Corporate Audit Committee, the Nomination Committee and the Compensation Committee, on which he served as the chairman. After notifying NASDAQ of Mr. Patir's death, on February 5, 2018, the company received a letter from the NASDAQ Listing Qualifications Department, which noted that due to such death, as of January 28, 2018, the company no longer complies with NASDAQ's independent director and audit committee requirements as set forth in Listing Rule 5605. However, consistent with Listing Rules 6505(b)(1)(A) and 5605(c)(4), NASDAQ will provide Ceragon a cure period in order to regain compliance until the earlier of the company's next annual shareholders' meeting or January 28, 2019; or if the next annual shareholders' meeting is held before July 27, 2018, then the company must evidence compliance no later than this date. The companyplans to fill the vacancy and regain compliance within the cure period provided by NASDAQ.
Ceragon Networks Ltd. offers wireless backhaul solutions. The Company's products include FibeAir IP-20 Platform, FibeAir IP-20 Assured Platform and Network Management. The Company provides its services to wireless service providers, public safety organizations, government agencies and utility companies, among others. Its solutions are deployed by over 460 service providers, as well as a range of private network owners, in over 130 countries. The Company's FibeAir IP-20 platform offers flexibility in choosing all-outdoor, split-mount and all-indoor configurations to suit any deployment scenario. The FibeAir IP-20 platform includes product categories, such as shorthaul-access and shorthaul-aggregation. The FibeAir IP-20 Assured platform includes product categories, such as shorthaul-access, shorthaul-aggregation, small cells, longhaul and enterprise access. Its NetMaster is a Network Management System (NMS), which is designed for managing large-scale wireless backhaul networks.
Ceragon Networks Ltd. Announces Demise of Avi Patir, Director and Chairman of Financial Audit Committee, Corporate Audit Committee, Nomination Committee and Compensation Committee