- Current report filing (8-K)
October 20 2008 - 1:14PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
Current
Report Pursuant to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of
Report (Date of earliest event reported): October 20, 2008
AIRSPAN
NETWORKS INC.
(Exact
name of registrant as specified in its charter)
Washington
(State
or
other jurisdiction of incorporation)
000-31031
|
75-2743995
|
(Commission
file number)
|
(I.R.S.
Employer Identification No.)
|
|
|
777
Yamato Road, Suite 310, Boca Raton, Florida
|
33431
|
(Address
of principal executive offices)
|
(Zip
code)
|
(561)
893-8670
(Registrant’s
telephone number, including area code)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
|
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Item
8.01 Other Events.
In
a
press release dated October 20, 2008, Airspan Networks Inc. (the “Company”)
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. The Company previously had until October 22, 2008 to
regain such compliance.
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
the
Company has achieved compliance with the minimum bid rule.
If
the
Company does not regain compliance with the minimum bid rule by January 26,
2009, NASDAQ will provide written notification that its securities will be
delisted. At that time, the Company may appeal NASDAQ’s determination to delist
its securities to a Listing Qualifications 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.
A
copy of
the press release announcing the receipt of the notification is attached hereto
as Exhibit 99.1 and is incorporated herein by reference.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
|
99.1
|
Press
Release dated October 20, 2008
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
|
|
|
|
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AIRSPAN
NETWORKS INC.
|
|
|
|
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By:
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/s/
David Brant
|
|
David
Brant
Senior
Vice President and Chief Financial Officer
|
|
|
Date:
October 20, 2008
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