Contact Information: 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
Airspan Has Received Notification of NASDAQ's Temporary Suspension of Bid Price Compliance Rule
| Source: Airspan Networks Inc.
BOCA RATON, FL--(Marketwire - October 20, 2008) - 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.