Bli medlem
Bli medlem

Du är här


DASAN Zhone Solutions, Inc.: DASAN Zhone Announces Receipt of Nasdaq Panel Determination to Allow Continued Listing

| Contacts |
| DASAN Zhone Investor Relations: DASAN Zhone Public Relations: |
| Tel: +1 510.777.7013 Tel: +1 760.814.8194 |
| Fax: +1 510.777.7001 E: |
| E: |

Oakland, California,
November 10, 2016
- DASAN Zhone Solutions, Inc. (NASDAQ: DZSI), a global leader in fiber access
transformation for enterprise and service provider networks, announced that,
on November 8, 2016, it received a letter from The Nasdaq Stock Market LLC
("Nasdaq") stating that the Nasdaq Hearings Panel (the "Panel") had granted
the company's request for continued listing on Nasdaq, subject to the company
evidencing compliance with the initial listing minimum bid or closing price
requirement by March 13, 2017.
As previously announced, on September 12, 2016, DASAN Zhone Solutions received
a letter from Nasdaq notifying the company that, because it did not satisfy
Nasdaq's initial listing standard requiring a minimum bid price of $4 per
share (or a minimum closing price of $3 per share for five consecutive
trading days or $2 per share for 90 consecutive trading days) at the closing
of the acquisition of Dasan Network Solutions, Inc., the company's common
stock would be subject to delisting unless the company timely requested a
hearing before the Panel. On September 19, 2016, the company requested a
hearing before the Panel, which was held on November 3, 2016. At the
hearing, the company presented its plan to gain compliance with the initial
listing minimum bid or closing price requirement, including via the
implementation of a reverse stock split if necessary.
The company expects to timely complete a reverse stock split in a ratio
sufficient to gain compliance with the initial listing minimum bid or closing
price requirement as needed by March 13, 2017. The compliance period granted
by the Panel through March 13, 2017 is subject to the company filing a
preliminary proxy statement and a definitive proxy statement seeking
stockholder approval of a reverse stock split with the Securities and
Exchange Commission (the "SEC") by no later than January 31, 2017 and
February 13, 2017, respectively.
If the company fails to implement the reverse stock split and demonstrate
compliance by this date, or fails to file the required proxy statements with
the SEC by the applicable deadline, the Panel will issue a final
determination to delist the company's shares and suspend trading of the
company's shares on Nasdaq. During the compliance period, the company's
shares of common stock will continue to be listed and traded on the Nasdaq
Capital Market.
Although DASAN Zhone Solutions intends to comply with the conditions set forth
in the Nasdaq determination letter for continued listing, there can be no
assurance that the company will be able to regain compliance during the
compliance period. Delisting from the Nasdaq Capital Market could have a
material adverse effect on the company's business and on the trading of its
common stock.

About DASAN Zhone Solutions
DASAN Zhone Solutions, Inc. is a global leader in broad-based network access
solutions. The company provides solutions in five major product areas
including broadband access, Ethernet switching, mobile backhaul, passive
optical LAN (POL) and software defined networks (SDN). More than 750 of the
world's most innovative network operators, service providers and enterprises
turn to DASAN Zhone Solutions for fiber access transformation. DASAN Zhone
Solutions is committed to building the fastest and highest quality All IP
Multi-Service solution for its customers. DASAN Zhone is headquartered in
Oakland, California.

DASAN Zhone Solutions, the DASAN Zhone Solutions logo, and al DASAN Zhone
product names are trademarks of DASAN Zhone Solutions, Inc. Other brand and
product names are trademarks of their respective holders. Specifications,
products, and/or products names are all subject to change without notice.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to the
safe harbors created under the Securities Act of 1933 and the Securities
Exchange Act of 1934. Words such as "anticipate," "believe," "continue,"
"could," "estimate," "expect," "goal," "intend," "may," "plan," "project,"
"seek," "should," "target," "will," "would," variations of such words, and
similar expressions are intended to identify forward-looking statements. In
addition, forward-looking statements include, among others, statements that
refer to the company's compliance with initial listing minimum bid or closing
price requirements, the company's compliance with the other conditions of the
Panel determination, and the consequences of delisting of the company's
common stock from the Nasdaq Capital Market. Readers are cautioned that
actual results could differ materially from those expressed in or
contemplated by the forward-looking statements. Factors that could cause
actual results to differ include, but are not limited to, commercial
acceptance of the Company's products; intense competition in the
communications equipment market; the Company's ability to execute on its
strategy and operating plans; and economic conditions specific to the
communications, networking, internet and related industries. In addition,
please refer to the risk factors contained in the Company's SEC filings
available, including without limitation, the Company's most
recent reports on Forms 10-K, 10-Q and 8-K. Readers are cautioned not to
place undue reliance on any forward-looking statements, which speak only as
of the date on which they are made. The Company undertakes no obligation to
update or revise any forward-looking statements for any reason.

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: DASAN Zhone Solutions, Inc. via Globenewswire

Författare Hugin

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.