Top Image Systems Receives Nasdaq Notice Regarding Non-Compliance with Continued Listing Standards; Is Granted Additional Time to Regain Compliance with Minimum Bid Requirement

Apr 19, 2019

TEL AVIV, Israel and PLANO, Texas, April 19, 2019 (GLOBE NEWSWIRE) -- Top Image Systems Ltd. (the “Company” or “Top Image Systems”) (Nasdaq:TISA) announced today that it has received a notice from Nasdaq on April 16, 2019 regarding non-compliance with continued listing standards because it has not filed its Annual Report on Form 10-K for the period ended December 31, 2018 (the “Filing”). The notice provides that, under Nasdaq Rules, the Company has until June 17, 2019 to submit a plan to regain compliance. Top Image Systems signed a definitive merger agreement on February 4, 2019 to be acquired by Kofax Holdings International Ltd. and expects the closing of this merger to occur the week of May 6, 2019, at which point Top Image Systems intends to voluntarily delist its ordinary shares from the Nasdaq Capital Market, prior to the deadline to submit the plan to regain compliance.

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