DASAN ZHONE SOLUTIONS, INC. (NASDAQ:DZSI) Files An 8-K Other Events
Item 8.01
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Other Events.
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On June 7, 2017, DASAN Zhone Solutions, Inc. (the Company) received
a letter from The NASDAQ Stock Market LLC (Nasdaq) stating that the
Nasdaq Hearings Panel (the Panel) has granted the Companys request
for continued listing on The Nasdaq Capital Market provided that,
on or before September 27, 2017, the Company shall have filed with
the Securities and Exchange Commission (the SEC) its Annual Report
on Form 10-K for the year ended December 31, 2016 (the Form 10-K)
and Quarterly Report on Form 10-Q for the period ended March 31,
2017 (the Form 10-Q). In addition, the Panel decision requires that
the Company be able to demonstrate compliance with all requirements
for continued listing on Nasdaq and that the Company provide prompt
notification of any significant events that occur during the
extension period (including any event that may call into question
the Companys historical financial information or that may impact
the Companys ability to maintain compliance with any Nasdaq listing
requirement or deadline for the filing of the Form 10-K and Form
10-Q).
a letter from The NASDAQ Stock Market LLC (Nasdaq) stating that the
Nasdaq Hearings Panel (the Panel) has granted the Companys request
for continued listing on The Nasdaq Capital Market provided that,
on or before September 27, 2017, the Company shall have filed with
the Securities and Exchange Commission (the SEC) its Annual Report
on Form 10-K for the year ended December 31, 2016 (the Form 10-K)
and Quarterly Report on Form 10-Q for the period ended March 31,
2017 (the Form 10-Q). In addition, the Panel decision requires that
the Company be able to demonstrate compliance with all requirements
for continued listing on Nasdaq and that the Company provide prompt
notification of any significant events that occur during the
extension period (including any event that may call into question
the Companys historical financial information or that may impact
the Companys ability to maintain compliance with any Nasdaq listing
requirement or deadline for the filing of the Form 10-K and Form
10-Q).
As previously reported, on April 6, 2017 and May 17, 2017, the
Listing Qualifications Staff of Nasdaq notified the Company that it
was not in compliance with Nasdaq Listing Rule 5250(c)(1) due to
its failure to timely file the Form 10-K and the Form 10-Q,
respectively, and that the late filing of such reports served as an
immediate basis for delisting unless the Company timely requested a
hearing before the Panel. The Company timely requested a hearing
and, 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 before the Panel on
May 25, 2017 and a final determination regarding the Companys
listing status.
Listing Qualifications Staff of Nasdaq notified the Company that it
was not in compliance with Nasdaq Listing Rule 5250(c)(1) due to
its failure to timely file the Form 10-K and the Form 10-Q,
respectively, and that the late filing of such reports served as an
immediate basis for delisting unless the Company timely requested a
hearing before the Panel. The Company timely requested a hearing
and, 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 before the Panel on
May 25, 2017 and a final determination regarding the Companys
listing status.
The Panel reserved the right to reconsider the terms of its
decision based on any event, condition or circumstance that exists
or develops that would, in the opinion of the Panel, make continued
listing of the Companys securities on Nasdaq inadvisable or
unwarranted. In addition, any compliance document will be subject
to review by the Panel, which may, in its discretion, request
additional information before determining that the Company has
complied with the terms of the exception. In addition, the Nasdaq
Listing and Hearing Review Council may review the Panel decision,
in which event it may affirm, modify, reverse or remand the
decision to the Panel.
decision based on any event, condition or circumstance that exists
or develops that would, in the opinion of the Panel, make continued
listing of the Companys securities on Nasdaq inadvisable or
unwarranted. In addition, any compliance document will be subject
to review by the Panel, which may, in its discretion, request
additional information before determining that the Company has
complied with the terms of the exception. In addition, the Nasdaq
Listing and Hearing Review Council may review the Panel decision,
in which event it may affirm, modify, reverse or remand the
decision to the Panel.
In the event the Company is unable to fully comply with the terms
of the Panel decision, the Companys common stock may be delisted
from The Nasdaq Capital Market. 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.
of the Panel decision, the Companys common stock may be delisted
from The Nasdaq Capital Market. 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.
On June 8, 2017, the Company issued a press release announcing its
receipt of the Nasdaq letter. A copy of the press release is
attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
receipt of the Nasdaq letter. A copy of the press release is
attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
Cautionary Note Regarding Forward Looking Statements: This Current
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
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 continued 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 completion of the audit of the Company’s financial
statements for the year ended December 31, 2016, the timing of
filings with the SEC, any reconsideration by the Panel or review by
the Nasdaq Listing and Hearing Review Council of the Panel decision
and the consequences of delisting the Company’s common stock from
the Nasdaq Capital Market. The Company uses words such as
anticipate, believe, continue, could, estimate, 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.
the continued 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 completion of the audit of the Company’s financial
statements for the year ended December 31, 2016, the timing of
filings with the SEC, any reconsideration by the Panel or review by
the Nasdaq Listing and Hearing Review Council of the Panel decision
and the consequences of delisting the Company’s common stock from
the Nasdaq Capital Market. The Company uses words such as
anticipate, believe, continue, could, estimate, 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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The following exhibit is filed herewith:
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Exhibit
Number
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Description
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99.1
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Press Release dated June 8, 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.
