DASAN ZHONE SOLUTIONS, INC. (NASDAQ:DZSI) Files An 8-K Other Events
Item 8.01 Other Events.
received a letter from The NASDAQ Stock Market LLC (Nasdaq)
indicating that a Nasdaq Hearings Panel (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 before the Panel and a final determination regarding
the Companys listing status.
notice from Nasdaq indicating that, based upon the Companys 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
Nasdaqs filing requirement, as set forth in Nasdaq Listing Rule
5250(c)(1). The letter also stated that, because the Company failed
to satisfy Nasdaqs 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 Nasdaqs 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.
compliance with Nasdaqs filing requirement. 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.
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.
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 SEC, the appeal process 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
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.
>(d)
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Exhibits
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99.1
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Press Release dated April 25, 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 +0.16 at 5.97 with 21,455 shares trading hands.