Company Update (NASDAQ:DRWI): DragonWave, Inc. (USA) Announces Transfer of Listing to the NASDAQ Capital Market and Extension of Period for NASDAQ Compliance
DragonWave, Inc. (USA) (NASDAQ:DRWI), a leading global supplier of packet microwave radio systems for mobile and access networks, announced today that its request to transfer the listing of its securities from TheNASDAQ Global Market to The NASDAQ Capital Market has been approved by the Staff of the NASDAQ Listing Qualifications Department(“NASDAQ Staff”), effective with the open of trading on August 28, 2015. The Company’s common shares will continue to trade under the symbol “DRWI”.
As previously announced, on March 5, 2015, the Company received notice that its closing bid price had been below US$1.00 per share for 30 consecutive business days and that, accordingly, the NASDAQ Staff had granted the Company an extension through August 31, 2015 to regain compliance with the US$1.00 per share bid price requirement. The Company has not been able to regain compliance with this requirement within such period, and the Company transferred the listing of its common shares from The NASDAQ Global Market to TheNASDAQ Capital Market. In connection with such transfer, the Company was granted an additional 180 days to regain compliance with the minimum $1.00 bid price per share requirement. The new extension period runs through February 29, 2016. In order to regain compliance with the $1.00 per share bid price requirement, the Company’s common stock must close at $1.00 per share or more for a minimum of 10 consecutive business days (subject to being increased to 20 consecutive business days at the discretion of NASDAQ’s Staff) prior to the end of the new extension period. If the Company cannot demonstrate compliance with this requirement by February 29, 2016, or it does not comply with the terms of the extension granted by the NASDAQ Staff, the Company’s common stock may then be subject to delisting. (Original Source)
Shares of Dragonwave opened today at $0.1951 . DRWI has a 1-year high of $1.53 and a 1-year low of $0.19. The stock’s 50-day moving average is $0.30 and its 200-day moving average is $0.56.
DragonWave Inc is a provider of high-capacity packet microwave solutions that drive next-generation IP networks. Its products are wireless network backhaul equipment.