Airspan Networks Inc. (NASDAQ: AIRN)
Highlights
-- Company files Form 10-K for year ended December 31, 2008 containing
full year 2008 results
-- Intention to voluntarily delist the Company's common stock from NASDAQ
and deregister its common stock under the Securities Exchange Act of 1934
-- Common stock expected to continue trading in the Pink Sheets
-- Amended bank agreement reached with Silicon Valley Bank
Airspan Networks Inc. (NASDAQ: AIRN), a leading provider of
WiMAX based broadband wireless access networks, today announced
that it had filed its Annual Report on Form 10-K for the fiscal
year ended December 31, 2008, which included among other things,
complete financial results for the full year 2008. Reference is
herein made to the information set forth in the 10-K including the
financial statements and management's discussion and analysis of
results of operations, business description, and risk factors set
forth therein.
Delisting and Deregistration of Airspan's Common Stock Under the
Securities Exchange Act of 1934
Airspan intends to voluntarily delist its common stock from the
NASDAQ Global Market by filing a Form 25 with the Securities and
Exchange Commission on April 10, 2009. Thereafter, effective April
20, 2009, the common stock will be delisted from the NASDAQ Global
Market. After that date, the common stock will be quoted in the
over-the-counter market in the "Pink Sheets," a centralized
electronic quotation service for over-the-counter securities.
Airspan expects its common stock will continue to trade in the Pink
Sheets, so long as market makers demonstrate an interest in trading
in the Company's common stock. A new ticker symbol for trading on
the Pink Sheets will be provided as soon as it becomes available.
There is no assurance that Airspan's common stock will continue to
be actively traded on the Pink Sheets or on any other quotation
medium.
Following such delisting, Airspan intends to deregister its
common stock under the Securities Exchange Act of 1934 (the
"Exchange Act"), and become a non-reporting company under the
Exchange Act. On or about April 20, 2009, Airspan intends to file
with the SEC a Form 15, Notice of Termination of Registration and
Suspension of Duty to File, to terminate its reporting obligations
under the Exchange Act. When Form 15 has been filed, the obligation
to file reports, and other information under the Exchange Act, such
as Forms 10-K, 10-Q and 8-K will be suspended. The deregistration
of Airspan's common stock under the Exchange Act will become
effective 90 days after the date on which the Form 15 was filed.
Airspan is eligible to deregister under the Exchange Act because
its common stock is held of record by fewer than 300 persons.
In considering whether to delist and deregister, Airspan's Board
of Directors considered, among others, the following factors:
-- the ongoing direct and indirect costs of public company compliance and
the disproportionate impact of the foregoing costs on results of
operations;
-- the significant burden on Airspan's management involved in the
preparation of the Company's public reports and compliance with accounting
and other requirements of the Exchange Act;
-- the limited benefits to Airspan and its unaffiliated shareholders from
the status as a "reporting company" in light of, among other things, the
fact that the price of the common shares has been extremely low and the
common shares have had limited liquidity in recent periods;
-- the availability of a means to provide continued transparency and some
liquidity for stockholders in the Pink Sheets;
-- the low aggregate market capitalization of the common shares and
Airspan's possible future delisting from NASDAQ for non-compliance with
continuing listing requirements;
-- the fact that due to market conditions, the low share price and low
market capitalization Airspan is not currently in a position to use its
public company status to issue meaningful amounts of equity securities or
make acquisitions; and
-- Airspan's belief that the number of shareholders of record is below
300.
Previously, on April 25, 2008, Airspan received a letter from
the NASDAQ Stock Market (the "Notice") notifying it that for the 30
consecutive trading days preceding the date of the Notice, the bid
price of its common stock had closed below the $1.00 per share
minimum required for continued listing on the NASDAQ Global Market.
The Notice also stated that Airspan had been provided 180 calendar
days, or until October 22, 2008, to regain compliance. NASDAQ has
temporarily suspended the rules requiring a minimum $1.00 closing
bid price or a minimum market value of publicly held shares with
the most recent extension of that suspension now expiring on July
20, 2009. If no further extensions or other amendments to these
rules are made by NASDAQ, Airspan believes that its specific date
to regain compliance would have been July 27, 2009.
Amended Silicon Valley Bank Agreement
Effective March 25, 2009, Airspan and its wholly-owned
subsidiary, Airspan Communications Limited, entered into an
amendment and restatement of its August 1, 2006 Loan and Security
Agreement, as amended (as so amended and restated, the "Loan and
Security Agreement") with Silicon Valley Bank, with respect to a
revolving credit line which now expires on March 31, 2010. A
complete copy of the new Loan and Security Agreement has been filed
with Airspan's Current Report on Form 8-K dated March 31, 2009.
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 Annual Report on Form 10-K for the year ended December 31,
2008, filed today with the Securities and Exchange Commission. 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.
For 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:
dbrant@airspan.com Charlotte Laurent-Ottomane Investor Relations
Tel: +1 561 395 4581 Email: clottomane@airspan.com
Airspan Networks (MM) (NASDAQ:AIRN)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Airspan Networks (MM) (NASDAQ:AIRN)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
