DragonWave Announces Receipt of NASDAQ Staff Determination; Company to Request Hearing
DRAGONWAVE (DRWI)
US:NASDAQ Investor Relations:
dragonwavex.com
Company Research
Source: Marketwire
OTTAWA, CANADA -- (Marketwired) -- 04/21/17 -- DragonWave Inc. (TSX:DRWI)(NASDAQ:DRWI) a global supplier of packet microwave radio systems for mobile and access networks, today announced that it has received a letter from the Nasdaq staff indicating that the company did not regain compliance with Nasdaq Listing Rule 5550(b)(1) due to the Company's failure to maintain a minimum of $2,500,000 in shareholders' equity (the "Minimum Shareholders' Equity Requirement") by the end of granted compliance period, which expired on April 17, 2017. As a result, the Company would be subject to delisting on May 1, 2017 unless it requests a hearing before a Nasdaq Listing Qualifications Panel (the "Panel"). The Company intends to request a hearing before the Panel at which it will present its plan of compliance and request a further extension of time. The Panel has the discretion to grant the Company up to an additional 180 calendar days from April 20, 2017 to regain compliance. Th
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