Airspan Receives Notice from NYSE American Regarding Late Filing of Annual Report on Form 10-K
April 06 2022 - 4:05PM
Business Wire
Airspan Networks Holdings Inc. (NYSE American: MIMO) (“Airspan”
or the “Company”) announced that on April 1, 2022, the Company
received a notice from NYSE Regulation stating that the Company is
not in compliance with the continued listing standards of the NYSE
American LLC (the “Exchange”) under the timely filing criteria set
forth in Section 1007 of the NYSE American Company Guide (the
“Company Guide”). The non-compliance results from the Company’s
failure to timely file its Annual Report on Form 10-K for the year
ended December 31, 2021 (the “Form 10-K”), which was due to be
filed with the Securities and Exchange Commission (“SEC”) no later
than March 31, 2022 (the “Filing Delinquency”).
On March 16, 2022, the Company filed a Notification of Late
Filing on Form 12b-25 (the “Original Form 12b-25”) with the SEC,
which stated that it was unable to file the Form 10-K by the
prescribed due date without unreasonable effort or expense because
it required additional time to finalize its financial statements to
be included in the Form 10-K. At the time the Original Form 12b-25
was filed, the Company anticipated that it would file the Form 10-K
within the 15-day extension period permitted under Rule 12b-25 of
the Securities Exchange Act of 1934, as amended. However, on March
31, 2022, the Company filed an amended Notification of Late Filing
on Form 12b-25, which stated that, because of further delays and
additional analyses with respect to the cutoff of the Company’s
revenue recognition, the Company no longer anticipated filing the
Form 10-K prior to the end of the 15-day extension period. In
connection with those additional analyses, the Company identified a
material weakness in its internal control over financial reporting.
The material weakness that the Company identified occurred because
it did not design and maintain effective controls related to the
cutoff of revenue recognition on products shipped to customers.
Management, with oversight from the Company’s Board of Directors
and the Audit Committee of the Board of Directors is in the process
of implementing a remediation plan for this material weakness,
including, among other things, implementing process level and
management review controls to ensure the cutoff of revenue
recognition is accurate.
There have been no material misstatements identified in the
Company’s previously issued financial statements.
In accordance with Section 1007 of the Company Guide, the
Company will have six months from the date of the Filing
Delinquency, or until September 30, 2022 (the “Initial Cure
Period”), to file the Form 10-K with the SEC. If the Company fails
to file the Form 10-K during the Initial Cure Period, the Exchange
may, in its sole discretion, provide an additional six-month cure
period (the “Additional Cure Period”). The Company can regain
compliance with the Exchange’s continued listing standards at any
time during the Initial Cure Period or Additional Cure Period, as
applicable, by filing the Form 10-K and any subsequent delayed
filings with the SEC. The Company intends to file the Form 10-K as
soon as practicable, and currently expects to file the Form 10-K by
April 14, 2022.
During the Initial Cure Period and the Additional Cure Period,
if applicable, the Company’s securities will continue to trade on
the Exchange, subject to the Company’s compliance with other
continued listing requirements, with a late filer (“.LF”)
indicator.
About Airspan
Airspan Networks Holdings Inc. (NYSE American: MIMO) is a
U.S.-based provider of groundbreaking, disruptive software and
hardware for 5G networks, and a pioneer in end-to-end Open RAN
solutions that provide interoperability with other vendors. As a
result of innovative technology and significant R&D investments
to build and expand 5G solutions, Airspan believes it is
well-positioned with 5G indoor and outdoor, Open RAN, private
networks for enterprise customers and industrial use applications,
fixed wireless access (FWA), and CBRS solutions to help mobile
network operators of all sizes deploy their networks of the future,
today. With over one million cells shipped to 1,000 customers in
more than 100 countries, Airspan has global scale.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about the Company’s expectations relating to the filing of the Form
10-K and the financial information to be included therein.
Forward-looking statements can be identified by words such as “will
likely result,” “are expected to,” “will continue,” “is
anticipated,” “estimated,” “believe,” “intend,” “plan,”
“projection,” “outlook” or words of similar meaning.
Forward-looking statements are based upon the current beliefs and
expectations of the Company’s management and are inherently subject
to significant uncertainties and contingencies, many of which are
difficult to predict and generally beyond the Company’s control.
Actual results, performance or achievements may differ materially,
and potentially adversely, from any forward-looking statements and
the assumptions on which those forward-looking statements are
based. You are cautioned not to place undue reliance on
forward-looking statements. For further information identifying
important factors that could cause actual results to differ
materially from those anticipated in the forward-looking
statements, please refer to the Risk Factors section of the
Company’s Annual Report on Form 10-K (as amended) filed with the
SEC on May 14, 2021, or the Company’s registration statement on
Form S-1 as filed with the SEC on September 10, 2021. All
information set forth herein speaks only as of the date hereof, and
the Company disclaims any intention or obligation to update any
forward-looking statements as a result of developments occurring
after the date of this communication, except as required by
applicable law or regulation.
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version on businesswire.com: https://www.businesswire.com/news/home/20220406005867/en/
Investor Relations Contact: Brett Scheiner 561-893-8660
IR@airspan.com
Media Contact: Howie Waterman 917-359-5505
hwaterman@airspan.com
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