Shares will continue to be quoted on the Nasdaq under the ticker “TISA”
TEL AVIV, Israel – July 31, 2014 – Top Image Systems™ (TIS™) Ltd. (Nasdaq: TISA), a leading ECM (Enterprise Content Management) and BPM (Business Process Management) solution and MIP (Mobile Imaging Platform) provider, today announced that its Board of Directors has resolved to voluntarily delist the company’s ordinary shares from trade on the Tel Aviv Stock Exchange (TASE). In accordance with the decision, Top Image Systems is applying to request that the TASE initiate the delisting process. Shares of Top Image Systems will continue to be quoted on the Nasdaq under the ticker “TISA”.
The decision to delist was made as part of Top Image’s commitment to penetrate the U.S. market, and in an effort to streamline duplicative administrative functions. Top Image believes the single listing on the Nasdaq market provides a highly liquid, transparent and identifiable market for the Company’s stock.
“The low volume on the Tel Aviv Stock Exchange does not justify the cost and work required to support a dual-listing, and we believe Top Image Systems will benefit from a single listing on the world’s largest exchange,” commented Izhak Nakar, Active Chairman of Top Image Systems. “In addition, during 2014 we expect to augment our position in the United States market, so listing our shares only in the U.S. makes strategic sense.”
Under Israeli law, the delisting of ordinary shares of a dual-listed company such as Top Image Systems from trade on the TASE becomes effective three months after the date of application to the TASE. During the interim period, the company’s ordinary shares will continue to be traded on the TASE. Top Image Systems will publicize the exact date of the delisting as soon as it is determined.