Contact Information: For Airspan Investor Relations and Media Inquiries, contact: David Brant Senior Vice President & Chief Financial Officer Airspan Networks Inc. Tel: +1 561 893-8650 Fax: +1 561 893-8681 Email: Charlotte Laurent-Ottomane Investor Relations Email: Tel. +561 395 4581
Airspan Receives Notification Regarding Non-Compliance With Nasdaq's Minimum Bid Price Requirement
| Source: Airspan Networks Inc.
BOCA RATON, FL--(Marketwire - April 28, 2008) - Airspan Networks Inc. (NASDAQ : AIRN ), a
leading worldwide provider of WiMAX broadband wireless access networks,
today announced that on April 25, 2008, it received a letter 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").
This notification has no effect on the listing of the common stock at this
time.
Nasdaq stated in its letter that in accordance with Marketplace Rule
4450(e)(2), the Company will be provided 180 calendar days, or until
October 22, 2008, to regain compliance. If, at any time before October 22,
2008, 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 October 22,
2008, 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). 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 on the Nasdaq Capital Market.
The Company intends to monitor the bid price for its common stock and
consider options available to the Company to achieve compliance with the
continued listing standards of Nasdaq.
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,"
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"would" and similar expressions or negative variations thereof are intended
to identify forward-looking statements, although not all forward-looking
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the plans, intentions or expectations disclosed in our forward-looking
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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. 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.