Airspan Has Received Notification of NASDAQ's Temporary Suspension of Bid Price Compliance Rule
October 20 2008 - 10:37AM
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 suspended for a three
month period the enforcement of the rules requiring a minimum $1
closing bid price or a minimum market value of publicly held
shares. 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 current extraordinary market conditions,
this suspension will remain in effect through Friday, January 16,
2009 and will be reinstated on Monday, January 19, 2009. As a
result of this suspension, the Company now has until January 26,
2009 to regain compliance with the minimum bid rule. Airspan
previously had until October 22, 2008 to regain such compliance.
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").
As a result of the suspension, if, at any time before January
26, 2009, the bid price of the Company's common stock closes at
$1.00 per share or more for a minimum of 10 consecutive business
days, NASDAQ will provide written notification that it has achieved
compliance with the Rule.
If the Company does not regain compliance with the Rule by
January 26, 2009, 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.
About Airspan Networks Inc.
Airspan is the industry's leading WiMAX pure player, ranked #1
for IEEE802.16-2004 WiMAX revenue in 2007 and has now been selected
for some of the world's largest mobile WiMAX deployments. 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
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