Westell Announces Listing Transfer to NASDAQ Capital Market
January 03 2017 - 9:26AM
Business Wire
Company Granted 180-Day Grace Period to Regain
NASDAQ Compliance
Westell Technologies, Inc. (NASDAQ: WSTL), a leading
provider of high-performance wireless infrastructure solutions,
announced today that it received approval from the NASDAQ Stock
Market to transfer the listing of the Company’s common stock to the
Nasdaq Capital Market from the Nasdaq Global Select Market. In
addition, NASDAQ approved an additional 180-day grace period to
regain compliance with NASDAQ’s minimum bid requirement.
The Company’s stock began trading on the NASDAQ Capital Market
effective at the start of trading on Wednesday, December 28, 2016,
under the Company’s symbol “WSTL.” The NASDAQ Capital Market is a
continuous trading market that operates in substantially the same
manner as the NASDAQ Global Select Market and listed companies must
meet certain financial and corporate governance requirements to
qualify for listing on the NASDAQ Capital Market.
In addition, NASDAQ granted the Company an additional 180-day
grace period to regain compliance with NASDAQ’s minimum bid price
requirement. As previously disclosed, Westell was notified by
NASDAQ on July 1, 2016, that it no longer satisfied the minimum bid
price requirement for continued listing. The Company has until June
26, 2017, to demonstrate compliance with the minimum bid price
requirement for continued listing.
About Westell Technologies
Westell is a leading provider of high-performance wireless
infrastructure solutions focused on innovation and differentiation
at the edge of communication networks where end users connect. The
Company's comprehensive set of products and solutions enables
service providers and network operators to improve performance and
reduce operating expenses. With millions of products successfully
deployed worldwide, Westell is a trusted partner for transforming
networks into high quality, reliable systems. For more information,
please visit www.westell.com.
“Safe Harbor” Statement under the Private Securities
Litigation Reform Act of 1995
Certain statements contained herein that are not historical
facts or that contain the words “believe,” “expect,” “intend,”
“anticipate,” “estimate,” “may,” “will,” “plan,” “should,” or
derivatives thereof and other words of similar meaning are
forward-looking statements that involve risks and uncertainties.
Actual results may differ materially from those expressed in or
implied by such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not
limited to, product demand and market acceptance risks, customer
spending patterns, need for financing and capital, economic
weakness in the United States (“U.S.”) economy and
telecommunications market, the effect of international economic
conditions and trade, legal, social and economic risks (such as
import, licensing and trade restrictions), the impact of
competitive products or technologies, competitive pricing
pressures, customer product selection decisions, product cost
increases, component supply shortages, new product development,
excess and obsolete inventory, commercialization and technological
delays or difficulties (including delays or difficulties in
developing, producing, testing and selling new products and
technologies), the ability to successfully consolidate and
rationalize operations, the ability to successfully identify,
acquire and integrate acquisitions, the effect of the Company's
accounting policies, retention of key personnel and other risks
more fully described in the Company's SEC filings, including the
Form 10-K for the fiscal year ended March 31, 2016, under Item 1A -
Risk Factors. The Company undertakes no obligation to publicly
update these forward-looking statements to reflect current events
or circumstances after the date hereof, or to reflect the
occurrence of unanticipated events, or otherwise.
Twitter – Company: @Westell_Tech
StockTwits: Westell_IR
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version on businesswire.com: http://www.businesswire.com/news/home/20170103005723/en/
Westell Investor Relations ContactTom MinichielloSenior
Vice President, Chief Financial Officer, Treasurer, and
SecretaryWestell
Technologies630-375-4740tminichiello@westell.comorWestell Media
ContactTom ScottinoManager, Corporate CommunicationsWestell
Technologies630-375-4212tscottino@westell.com
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