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 That NASDAQ Has Extended the Suspension of Bid Price Compliance Rule
| Source: Airspan Networks Inc.
BOCA RATON, FL--(Marketwire - December 29, 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 extended its
temporary suspension of the rules requiring a minimum $1 closing bid price
or a minimum market value of publicly held shares until April 20, 2009.
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
continued extraordinary market conditions, this suspension will remain in
effect through Friday, April 17, 2009 and will be reinstated on Monday,
April 20, 2009. Prior to the resumption of these rules NASDAQ will inform
the Company of the number of calendar days remaining in the compliance
period and the specific date by which the Company needs to regain
compliance. If no further extensions or other amendments to these rules
are made by NASDAQ, the Company currently expects that its specific date to
regain compliance will be April 27, 2009.
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").
If the Company does not regain compliance with the Rule by the date to be
specified by NASDAQ, 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.
At a special meeting of shareholders held December 16, 2008, the Company's
shareholders authorized the Company's Board of Directors to undertake a
reverse split of the Company's shares within a range of
one-for-five shares to one-for-fifteen shares. The Company has not yet
determined whether, when or in what ratio to effect a reverse split, and
will continue to evaluate the desirability of a reverse split in light of
market conditions and NASDAQ listing requirements.
About Airspan Networks Inc.
Airspan is a leading WiMAX pure player and the solution-provider of choice
for some of the world's largest WiMAX deployments. Developing leading-edge
technology for broadband access and IP-telephony, Airspan continues to
supply operators around the world with best-of-breed solutions. 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.