DASAN Zhone Announces Continued Stay of Suspension of Listing Pending Determination of Nasdaq Hearings Panel
(Thomson Reuters ONE) -
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: carla.vallone(at)portavocepr.com
E: investor-relations(at)zhone.com
Oakland, Calif., April 25, 2017 - DASAN Zhone Solutions, Inc. (formerly known as
Zhone Technologies, Inc.) (NASDAQ: DZSI), a global leader in fiber access
transformation for enterprise and service provider networks, today announced
that on April 20, 2017, it received a letter from The NASDAQ Stock Market LLC
("Nasdaq") indicating that a Nasdaq Hearings Panel (the "Panel") had granted the
company's request to extend the stay of the suspension of trading in the
company's common stock pending the company's scheduled hearing on May 25, 2017
before the Panel and a final determination regarding the company's listing
status.
As previously reported, on April 6, 2017, the company received notice from
Nasdaq indicating that, based upon the company's failure to timely file its
Annual Report on Form 10-K for the year ended December 321, 2016 (the "2016 Form
10-K") with the Securities and Exchange Commission (the "SEC"), the company no
longer satisfied Nasdaq's filing requirement, as set forth in Nasdaq Listing
Rule 5250(c)(1). The letter also stated that, because the company failed to
satisfy Nasdaq's filing requirement within the past year and notwithstanding the
fact that the company subsequently remedied the deficiency, the company was not
eligible to submit a plan to regain compliance with the filing requirement for
Nasdaq's review; rather, the letter stated that the late filing of the 2016 Form
10-K would serve as an immediate basis for delisting unless the company timely
requested a hearing before the Panel. The company timely requested a hearing
and, as part of that request, had also requested that the extended stay be
granted.
At the hearing, the company will present its plan to evidence compliance with
Nasdaq's filing requirement. The company is diligently working to evidence
compliance with Nasdaq's filing requirement as soon as possible; however, there
can be no assurance that the Panel will grant the company's request for
continued listing and a further stay of suspension. The delisting of the
company's common stock 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
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 Solutions is headquartered in Oakland,
California.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), including
statements related to the request for a hearing before the Panel, any stay of
the suspension of the company's common stock, the company regaining compliance
with periodic filing requirements, the continued listing of the company's common
stock on the Nasdaq Capital Market, the appeal process and the consequences of
delisting the company's common stock from the Nasdaq Capital Market. Readers are
cautioned that these forward-looking statements are only predictions and are
subject to risks, uncertainties and assumptions that are difficult to predict,
including those identified in the company's other filings with the SEC.
Therefore, actual results may differ materially and adversely from those
expressed in any forward-looking statements. For information about the factors
that could cause such differences, please refer to the company's SEC filings,
including its Annual Report on Form 10-K for the year ended December 31, 2015
and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Given these uncertainties, you should not place undue reliance on these forward-
looking statements. The forward-looking statements contained in this press
release speak only as of the date of this release and the company assumes no
obligation to update 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
Unternehmensinformation / Kurzprofil:
Datum: 25.04.2017 - 22:15 Uhr
Sprache: Deutsch
News-ID 538311
Anzahl Zeichen: 5616
contact information:
Town:
Oakland, California
Kategorie:
Business News
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"DASAN Zhone Announces Continued Stay of Suspension of Listing Pending Determination of Nasdaq Hearings Panel"
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