UTStarcom Provides Update on Form 20-F Filing
May 24 2017 - 6:30AM
UTStarcom Holdings Corp. (NASDAQ:UTSI) (“UTStarcom”, “we” or the
“Company”) a global telecommunications infrastructure provider,
today provided an update regarding the delayed filing of its Annual
Report on Form 20-F for the year ended December 31, 2016.
On May 19, 2017, the Company received a letter from the Listing
Qualifications Department of The Nasdaq Stock Market, Inc.
(“Nasdaq”) stating that since the Company has not yet filed its
Annual Report on Form 20-F for the year ended December 31, 2016
(the “Filing”), it is no longer in compliance with Listing Rule
5250(c)(1) for continued listing. Under Nasdaq rules, the Company
has until July 18, 2017 to submit to Nasdaq a plan to regain
compliance. If Nasdaq accepts the Company’s plan to regain
compliance, it can grant an extension of up to 180 calendar days
from the Filing’s due date, or until November 14, 2017, to regain
compliance.
As previously disclosed on April 28, 2017, the delay in the
Filing was due to the Company requiring more time to finalize
investment impairment assessments. The Company is currently
working diligently with its independent auditor to complete these
assessments. The Company will work to make the Filing as soon as
practicable and will keep its investors and shareholders updated as
necessary.
Forward-Looking Statement
This press release includes forward-looking statements. These
statements are forward-looking in nature and subject to risks and
uncertainties that may cause actual results to differ materially
and adversely from the Company’s current expectations. These
include risks and uncertainties related to, among other things,
changes in the financial condition and cash position of the
Company, changes in the composition of the Company’s management and
their effect on the Company, the Company’s ability to realize
anticipated results of operational improvements and benefits of the
divestiture transaction, the ability to successfully identify and
acquire appropriate technologies and businesses for inorganic
growth and to integrate such acquisitions, the ability to
internally innovate and develop new products, assumptions the
Company makes regarding the growth of the market and the success of
the Company’s offerings in the market, and the Company’s ability to
execute its business plan and manage regulatory matters. The risks
and uncertainties also include the risk factors identified in the
Company’s latest annual report on Form 20-F and current
reports on Form 6-K as filed with the Securities and Exchange
Commission. The Company is in a period of strategic transition and
the conduct of its business is exposed to additional risks as a
result. All forward-looking statements included in this press
release are based upon information available to the Company as of
the date of this press release, which may change, and the Company
assumes no obligation to update any such forward-looking
statements.
About UTStarcom Holdings
Corp.
UTStarcom is a global telecom infrastructure provider dedicated
to developing technology that will serve the rapidly growing demand
for bandwidth from cloud-based services, mobile, streaming, and
other applications. We work with carriers globally, from Asia to
the Americas, to meet this demand through a range of innovative
broadband packet optical transport and wireless/fixed-line access
products and solutions. The Company’s end-to-end broadband product
portfolio, enhanced through in-house Software Defined Networking
(SDN)-based orchestration, enables mobile and fixed-line network
operators and enterprises worldwide to build highly efficient and
resilient future-proof networks for a range of applications,
including mobile backhaul, metro aggregation, broadband access and
Wi-Fi data offload. Our strategic investments in media operational
support service providers expand UTStarcom’s capabilities in the
field of next generation video platforms. UTStarcom was founded in
1991, started trading on NASDAQ in 2000, and has operating entities
in Hong Kong; Tokyo, Japan; San Jose, USA; Delhi and
Bangalore, India; Hangzhou, China. For more information about
UTStarcom, please visit http://www.utstar.com.
For investor and media inquiries, please contact:
UTStarcom Holdings Corp.
Tel: +852-3951-9757
Fei Wang, IR Director
Email: fei.wang@utstar.com
Ning Jiang, Investor Relations
Email: njiang@utstar.com
In the United States:
The Blueshirt Group
Mr. Ralph Fong
Tel: +1 (415) 489-2195
Email: ralph@blueshirtgroup.com
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