(Source: Business Wire)
Zhone Technologies, Inc. (NASDAQ:ZHNE), a global leader in network
access solutions, announced today that the Nasdaq Stock Market
("NASDAQ") has approved its application to transfer the listing of its
common stock from The NASDAQ Global Market to The NASDAQ Capital Market.
Zhone voluntarily filed its transfer application on September 10, 2009
and received NASDAQ approval on September 23, 2009. The transfer will be
effective at the opening of the market on September 28, 2009. Zhone's
common stock will continue to trade under the symbol "ZHNE."
The NASDAQ Capital Market is one of the three markets for NASDAQ-listed
stock and operates in the same manner as The NASDAQ Global Market.
Companies listed on The NASDAQ Capital Market must meet certain
financial requirements and adhere to NASDAQ's corporate governance
standards. As of the date of its transfer application, Zhone met the
financial requirements and other criteria for continued listing on The
NASDAQ Capital Market, except for the $1.00 minimum bid price
requirement, which had been suspended through September 25, 2009. As a
result of the market transfer, NASDAQ granted Zhone an additional
180-day period until March 29, 2010 to comply with the $1.00 minimum bid
price requirement. Zhone has accordingly postponed its plans to regain
compliance with the $1.00 minimum bid price requirement by effecting the
reverse stock split that was approved by its shareholders in October
2008.
About Zhone Technologies Access for a Converging World
Zhone Technologies, Inc. (NASDAQ:ZHNE) is a global leader in
multi-service access solutions, serving more than 700 of the world's
most innovative network operators. The company offers the industry's
only fully-integrated portfolio of MSAP, FTTx, EFM and Wi-Fi access
technologies, improving network agility and reducing the costs of
delivering the full spectrum of access services, including residential
and business broadband, VoIP, and High-Definition IPTV over copper,
fiber, and wireless. Zhone is headquartered in California, and its MSAP
products are all manufactured in the USA, in a facility that is
emission, waste-water, and CFC free.
Zhone, the Zhone logo, and all Zhone product names are trademarks of
Zhone Technologies, Inc. Other brand and product names are trademarks of
their respective holders.
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