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UPDATE: Ampal-American Israel Tumbles 10%, Tel Aviv Court Names for Gadot Chemical Tankers and Terminals Shares

Shares of Ampal-American Israel ( AMPL ) is down 9.8% to $2.40, adding to pre-market losses after the Tel Aviv District Court in Israel appointed a receiver for Gadot Chemical Tankers and Terminals shares.

The move was requested by Israel Discount Bank, as part of IDB's motion to enforce IDB's lien and foreclose on all the outstanding shares of Gadot, an Israeli wholly owned indirect subsidiary of AMPL.

AMPL is trading within a 52-week range of $0.91 - $9.73. Shares have increased 653% in the last 12 months.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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