Commtouch® (NASDAQ: CTCH), a leading messaging and Web security company, today announced that it has obtained approval to list its shares on the Tel Aviv Stock Exchange in addition to its current listing on NASDAQ. Trading in Tel Aviv will commence on December 16, 2009.
“The decision to register our shares on the Tel Aviv Stock Exchange resulted from the increasing interest in our stock among Israeli investors. We believe that the dual listing should allow a wider group of investors the ability to invest in a growing, profitable, cash generating company that has a clear growth strategy for the coming years,” said Gideon Mantel, chief executive officer and chairman of the board of Commtouch. “We expect that the listing on the Tel Aviv Stock Exchange, coupled with the inclusion in the TASE Mid-Cap index, will enable us to further expand and diversify our investor base.”
“We are very pleased to welcome Commtouch to the Tel Aviv Stock Exchange, where the company joins an increasing number of dual-listed high-tech companies,” said Ester Levanon, CEO of the Tel Aviv Stock Exchange. “We are confident that the dual listing will enable Commtouch to benefit from certain home court advantages, such as receiving additional exposure to Israeli investors, enjoying expanded trading hours and facilitating quick and easy investor access to the Company’s shares.”
Commtouch shares are expected to be included in the Mid-Cap 50 index (“Yeter-50”) using the TASE’s fast track system. This enables dual-listed companies meeting certain criteria to enter the leading stock exchange indices shortly after they have been dual-listed.
Commtouch will continue to be subject to all rules and regulations of Nasdaq and the U.S. Securities and Exchange Commission (SEC). Since October 2000, dual listing on the TASE has been allowed under Israeli law without any additional regulatory requirements for companies whose shares are listed on certain exchanges outside of Israel.
Trading on the TASE occurs Sunday through Thursday from 9:45 AM to 4:30 PM Israel time, except on TASE trading holidays.