DragonWave, Inc. (USA) (NASDAQ:DRWI) announced that the Listing Qualifications Staff of The Nasdaq Stock Market(“Nasdaq”) issued a letter granting the Company an extension until April 17, 2017 to regain compliance with Nasdaq Listing Rule 5550(b)(1), which requires listed companies to maintain a minimum of $2,500,000 in shareholders’ equity.
Previously, the Company had received a notification letter that it failed to maintain a minimum of $2,500,000 in shareholders’ equity. In accordance with the instruction provided in the notification letter, the Company responded to NASDAQ, applying for a full extension together with a plan to regain compliance with Listing Rule 5550(b)(1). Following NASDAQ’s review, NASDAQ granted the Company’s extension request. If the Company does not regain compliance with Listing Rule 5550(b)(1) by April 17, 2017 and evidence such compliance on a periodic report, the Company may be subject to delisting from NASDAQ. (Original Source)
Shares of Dragonwave are currently trading at $2.90, up $0.15 or 5.45%. DRWI has a 1-year high of $10.66 and a 1-year low of $1.40. The stock’s 50-day moving average is $3.15 and its 200-day moving average is $3.47.
On the ratings front, Dragonwave has been the subject of a number of recent research reports. In a report issued on October 20, Desjardins analyst Maher Yaghi upgraded DRWI to Hold. Separately, on September 6, H.C. Wainwright’s Kevin Dede assigned a Buy rating to the stock and has a price target of $4.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Maher Yaghi and Kevin Dede have a yearly average loss of -3.5% and -11.6% respectively. Yaghi has a success rate of 50% and is ranked #3122 out of 4285 analysts, while Dede has a success rate of 31% and is ranked #3974.
DragonWave, Inc. engages in the development and provision of packet microwave solutions. Its products include hybrid microwave, small cell solutions, network management, and packet microwave. It offers mobile backhaul, small cell networks, intelligence networks, infrastructure monitoring, last-mile fiber extension, and rural cellular backhaul services.