Mellanox Technologies dual-listing in Tel Aviv

Six months after floating on Nasdaq, Israel's Mellanox Technologies (Nasdaq: MLNX) is dual-listed in Tel Aviv.

The company, which makes of semiconductor-based server and storage interconnect products, said Tuesday it has obtained approval to list its shares on the Tel Aviv Stock Exchange.

Trading in Tel Aviv will begin on July 9 under the symbol MLNX.

Mellanox will continue to be subject to all the rules and regulations of the Nasdaq Global Market and the U.S. Securities and Exchange Commission. Under Israeli dual-listing rules, it will be spared the need to file separately compiled financials in Israel that would comply with local standards. It can file the same reports to the Tel Aviv authorities as to the U.S. Securities and Exchange Commission.

"By listing our shares on TASE we believe that we will enable Israeli investors, in particular institutional investors, to ... overcome various restrictions and time-difference issues that currently limit their ability to trade shares of companies listed on foreign exchanges," stated Eyal Waldman, Mellanox chairman, president and CEO.

Potential additional advantages of TASE dual-listing status include longer trading hours and lower trading costs for Israeli investors. The company said it did not expect any significant changes associated with the dual listing since TASE reporting requirements are nearly identical to those of the SEC.

After it joins the Tel Aviv exchange, Waldman will be holding a meeting with Israeli investors and equity analysts.

The company's market cap on Nasdaq is $600 million, rendering it a candidate for the TA-100 index and TelTech-15 index.

Sources near the company claim that its decision to dual-list was based not only on Zionism, but on the desire to enable Israeli investors to get in, and to increase trading volumes in its stock.

When it floated, Mellanox raised $117 million at a company value of $525 million. It floated at $17 per share and has experienced many a fluctuation. On Friday the stock closed at $20.70, representing a 22% gain for investors since its initial public offering.

For the first quarter of 2007 Mellanox reported doubled revenues of $16.9 million. It netted $3.3 million or 15 cents per share, compared with losing $0.1 million in the parallel quarter.

	Curry favor? Not him