DragonWave did not regain compliance with Nasdaq listing standards
DragonWave announced that it has received a letter from the Nasdaq staff indicating that the company did not regain compliance with Nasdaq Listing Rule 5550 due to the Company's failure to maintain a minimum of $2.5M in shareholders' equity 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 unless it requests a hearing before a Nasdaq Listing Qualifications 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 to regain compliance.