DASAN ZHONE SOLUTIONS, INC. (NASDAQ:DZSI) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
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Notice of Delisting or Failure to Satisfy a Continued Listing
Rule or Standard; Transfer of Listing. |
received a letter from the staff of the Listing Qualifications
Department (the Staff) of The NASDAQ Stock Market LLC (NASDAQ)
stating the Company was not in compliance with NASDAQ Listing Rule
5250(c)(1) (the Rule), due to its failure to timely file its
Quarterly Report on Form 10-Q for the quarter ended March 31, 2017,
and that this filing delinquency serves as an additional basis for
delisting the Companys securities from the Nasdaq Stock Market that
will be considered by the Nasdaq Hearings Panel (the Panel) at the
Companys scheduled hearing before the Panel on May 25, 2017.
Company that it did not comply with Nasdaqs filing requirements set
forth in the Rule because it had not filed its Annual Report on
Form 10-K for the year ended December 31, 2016. The letter also
stated that, because the Company failed to satisfy Nasdaqs filing
requirement within the past year, the Company was not eligible to
submit a plan to regain compliance with the filing requirement for
Nasdaqs review, and instead that the late filing of the Annual
Report on 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,
requested that a stay of the suspension of trading in the Companys
common stock be granted. On April 20, 2017, the Company received a
letter from NASDAQ indicating that the Panel had granted the
Companys request to extend the stay of the suspension of trading in
the Companys common stock pending the Companys scheduled hearing on
May 25, 2017 and a final determination regarding the Companys
listing status.
to evidence compliance with Nasdaqs filing requirement with respect
to both the delinquent Annual Report on Form 10-K and Quarterly
Report on Form 10-Q. The Company is diligently working to evidence
compliance with Nasdaqs 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 Companys 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.
receipt of the Nasdaq letter. A copy of the press release is
attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
Report on Form 8-K 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,
including statements related to the hearing before the Panel, any
stay of the suspension of the Companys common stock, the Company
regaining compliance with the periodic filing requirements set
forth in Rule 5250(c)(1) of the Nasdaq Listing Rules, the timing of
filings with the Securities and Exchange Commission (the SEC), the
appeal process and the consequences of delisting the Company’s
common stock from the Nasdaq Capital Market. The Company uses
expect, goal, intend, may, plan, project, seek, should, target,
will, would, variations of such words, and similar expressions to
identify forward-looking statements. 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
Current Report on Form 8-K speak only as of the date of this report
and the Company assumes no obligation to update any forward-looking
statements for any reason.
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit
Number
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Description
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99.1
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Press Release dated May 18, 2017 issued by DASAN Zhone
Solutions, Inc. |
About DASAN ZHONE SOLUTIONS, INC. (NASDAQ:DZSI)
DASAN Zhone Solutions, Inc., formerly Zhone Technologies, Inc., designs, develops and manufactures communications network equipment for telecommunications operators and enterprises across the world. The Company’s products provide enterprise solutions that enable both network service providers and enterprises to deliver high speed fiber access, while transporting voice, video and data to the end user. In addition to its product offerings in its core business, it offers FiberLAN Passive Optical local area network (LAN), which provides an alternative to switched copper-based LANs. The customers of its FiberLAN business include hospitality, government, education, manufacturing and business enterprises. Its products span two categories: SLMS Products, and Legacy, Service and Other Products. Its SLMS Products include Broadband Aggregation and Service, Customer Premise Equipment (CPE), Zhone Management System and FiberLAN Passive Optical LAN. DASAN ZHONE SOLUTIONS, INC. (NASDAQ:DZSI) Recent Trading Information
DASAN ZHONE SOLUTIONS, INC. (NASDAQ:DZSI) closed its last trading session up +0.08 at 5.94 with 10,916 shares trading hands.
