TiS
Top Image Systems

TIS Announces Receipt of NASDAQ Notice of Bid Price Deficiency

No immediate effect on listing while TIS has minimum of 180 days to regain compliance


Tel Aviv, Israel - May 27, 2010 –Top Image Systems, Ltd. (TIS) (NASDAQ: TISA; TASE: TISA), the leading innovator of intelligent document recognition, announced today that on May 24, 2010, it received a NASDAQ Staff Deficiency Letter indicating that it is not in compliance with the minimum bid price requirement for continued listing set forth in Listing Rule 5550(a)(2) which requires listed securities to maintain a minimum bid price of $1.00 per share.

TIS’ management is looking into various options available to it in order to regain compliance and ensure its continued listing on the NASDAQ. As of yesterday, TIS share price is $0.94 and the Company intends to actively monitor the bid price for its common stock between now and the end of the grace period.

According to the letter from the NASDAQ, TIS has been given a grace period of 180 calendar days, starting May 24, 2010 to regain compliance with the minimum bid price requirement. TIS can regain compliance if, at any time before the grace period ends, the bid price of its common stock closes at or above $1.00 per share for a minimum of ten consecutive business days. If TIS cannot demonstrate compliance by the end of the grace period, the NASDAQ’s staff will notify the Company that its common stock is subject to delisting. TIS may then be eligible for an additional 180 day grace period if it meets the NASDAQ Capital Market's initial listing standards with the exception of the minimum bid price requirement.

During the grace period (as may be extended) TIS' common stock will continue to trade on the NASDAQ Capital Market under the symbol "TISA". Therefore, the NASDAQ Staff Deficiency Letter has no immediate impact on the listing of the common stock of TIS.

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