DragonWave (DRWI)

[ItsMyOption]

DragonWave Shareholders' Equity Letter-NASDAQ

http://finance.yahoo.com/news/dragonwave-shareholders-equity-letter-nasdaq-211800008.html


OTTAWA, CANADA--(Marketwired - Oct 21, 2016) - DragonWave Inc. (DWI.TO)(DRWI) a leading global supplier of packet microwave radio systems for mobile and access networks, announced that on October 17, 2016, it received a written notice from the Listing Qualifications Staff of The Nasdaq Stock Market ("Nasdaq") notifying the Company that it no longer complies 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") or any alternatives to such requirement. The Company reported shareholders' equity of $1,662,000 for the period ended August 31, 2016.
Nasdaq's notice has no immediate effect on the listing of the Company's common shares on The Nasdaq Capital Market. Under Nasdaq Listing Rule 5810(c) (2), the Company has 45 days, or until December 1, 2016, to provide Nasdaq with a plan to regain compliance with the Minimum Shareholders' Equity Requirement. If Nasdaq accepts the Company's plan, Nasdaq may grant an extension of up to 180 calendar days from the date of the notice, or until April 15, 2017, to evidence compliance with the Minimum Shareholders' Equity Requirement.
The Company plans to regain compliance with the Minimum Shareholders' Equity Requirement and intends provide Nasdaq with a plan on or before December 1, 2016.
Trading of DragonWave common shares on the Toronto Stock Exchange under the symbol "DWI" is not affected by the notice from Nasdaq.