Airspan Has Received Notification That NASDAQ Has Extended the Suspension of Bid Price Compliance Rule
29 Décembre 2008 - 6:41PM
Marketwired
Airspan Networks Inc. (NASDAQ: AIRN), a leading provider of WiMAX
based broadband wireless access networks, today announced that it
had received notification that NASDAQ has extended its temporary
suspension of the rules requiring a minimum $1 closing bid price or
a minimum market value of publicly held shares until April 20,
2009. NASDAQ has said that it will not take any action to delist
any security for these concerns during the suspension. NASDAQ has
stated that, given the continued extraordinary market conditions,
this suspension will remain in effect through Friday, April 17,
2009 and will be reinstated on Monday, April 20, 2009. Prior to the
resumption of these rules NASDAQ will inform the Company of the
number of calendar days remaining in the compliance period and the
specific date by which the Company needs to regain compliance. If
no further extensions or other amendments to these rules are made
by NASDAQ, the Company currently expects that its specific date to
regain compliance will be April 27, 2009.
Airspan previously received notification from the NASDAQ Stock
Market advising that, for the previous 30 consecutive business
days, the bid price of the Company's common stock had closed below
the minimum $1.00 per share requirement for continued inclusion on
the NASDAQ Global Market pursuant to NASDAQ Marketplace Rule
4450(a)(5) (the "Rule").
If the Company does not regain compliance with the Rule by the
date to be specified by NASDAQ, NASDAQ will provide written
notification that its securities will be delisted. At that time,
the Company may appeal to the NASDAQ's determination to delist its
securities to a Listing Qualifications Panel (the "Panel"). The
Company may also apply to transfer its securities to The NASDAQ
Capital Market if it satisfies the requirements for initial
inclusion set forth in Marketplace Rule 4310(c) on such date. If
the Company's application is approved, the Company will be afforded
the remainder of this market's second 180 calendar day compliance
period in order to regain compliance while its common stock remains
listed on the NASDAQ Capital Market.
At a special meeting of shareholders held December 16, 2008, the
Company's shareholders authorized the Company's Board of Directors
to undertake a reverse split of the Company's shares within a range
of one-for-five shares to one-for-fifteen shares. The Company has
not yet determined whether, when or in what ratio to effect a
reverse split, and will continue to evaluate the desirability of a
reverse split in light of market conditions and NASDAQ listing
requirements.
About Airspan Networks Inc.
Airspan is a leading WiMAX pure player and the solution-provider
of choice for some of the world's largest WiMAX deployments.
Developing leading-edge technology for broadband access and
IP-telephony, Airspan continues to supply operators around the
world with best-of-breed solutions. With direct sales offices
throughout Asia, EMEA and the Americas, a worldwide network of
resellers and agents, and partnership alliances with major OEMs,
Airspan boasts over 100 commercial WiMAX deployments worldwide.
www.airspan.com.
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical facts, including statements
regarding our strategy, future operations, financial position,
future revenues, projected costs, prospects, plans and objectives
of management, may be deemed to be forward-looking statements. The
words "anticipates," "believes," "estimates," "expects," "intends,"
"may," "plans," "projects," "will," "would" and similar expressions
or negative variations thereof are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. We may not actually
achieve the plans, intentions or expectations disclosed in our
forward-looking statements and you should not place undue reliance
on our forward-looking statements. There are a number of important
factors that could cause actual results or events to differ
materially from the plans, intentions and expectations disclosed in
the forward-looking statements we make. Investors and others are
therefore cautioned that a variety of factors, including certain
risks, may affect our business and cause actual results to differ
materially from those set forth in the forward-looking statements.
The Company is subject to the risks and uncertainties described in
its filings with the Securities and Exchange Commission, including
its Annual Report on Form 10-K for the year ended December 31, 2007
and in the Company's 2008 Quarterly Reports on Form 10-Q. You
should read those factors as being applicable to all related
forward-looking statements wherever they appear in this press
release. We do not assume any obligation to update any
forward-looking statements.
For Investor Relations and Media Inquiries, contact: David Brant
Senior Vice President & Chief Financial Officer Tel: +1 561
893-8650 Fax: +1 561 893-8681 Email: dbrant@airspan.com Charlotte
Laurent-Ottomane Investor Relations Email: clottomane@airspan.com
Tel. +561 395 4581
Airspan Networks (MM) (NASDAQ:AIRN)
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