DZS Inc. Receives Expected Nasdaq Notice Regarding Late Form 10-Q Filing
May 17 2024 - 4:30PM
DZS Inc. (“DZS” or the “Company”) (Nasdaq: DZSI), a global leader
of broadband networking and software-defined cloud solutions,
announced today that on May 14, 2024, as expected, it received a
delinquency notification letter from the Nasdaq Stock Market LLC
(“Nasdaq”) indicating that the Company is not in compliance with
the continued listing requirements under Nasdaq Listing Rule
5250(c)(1) (the “Rule”) because the Company did not timely file its
Quarterly Report on Form 10-Q for the three months ended March 31,
2024 (the “First Quarter 10-Q”). The notification letter has no
immediate effect on the listing or trading of the Company’s common
stock on the Nasdaq Capital Market.
As previously reported by the Company in its Notification of
Late Filing on Form 12b-25, filed with the Securities and Exchange
Commission on May 10, 2024, the Company was unable to timely file
the First Quarter 10-Q without unreasonable effort or expense by
the prescribed due date for such filing.
As previously disclosed, following the Company’s failure to file
its Quarterly Report on Form 10-Q for the three months ended June
30, 2023 and September 30, 2023, and its Annual Report on Form 10-K
for the period ended December 31, 2023 (together with the First
Quarter 10-Q, the “Delinquent Reports”), the Company submitted a
plan to regain compliance with the Rule.
Although the Company cannot at this time estimate when it will
file the Delinquent Reports, it is diligently pursuing completion
of the previously disclosed restatements and intends to make such
filings as soon as reasonably practicable, and in any event, on or
prior to August 5, 2024, which is the previously disclosed deadline
granted by the Nasdaq Hearings Panel for the Company to demonstrate
compliance with applicable Nasdaq continued listing standards.
About DZS Inc.
DZS Inc. (Nasdaq: DZSI) ) is a global leader of broadband
networking and software-defined cloud solutions.
DZS, the DZS logo, and all DZS product names are trademarks of
DZS Inc. Other brand and product names are trademarks of their
respective holders. Specifications, products, and/or product names
are all subject to change.
This press release contains forward-looking statements regarding
future events and our future results that are subject to the safe
harbors created under the Private Securities Litigation Reform Act
of 1995, including statements regarding the Company’s plans to file
the Delinquent Reports and its ability to comply with the continued
listing requirements under the Rule. These statements reflect the
beliefs and assumptions of the Company’s management as of the date
hereof. Words such as “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,”
“project,” “seek,” “should,” “target,” “will,” “would,” variations
of such words, and similar expressions are intended to identify
forward-looking statements. Readers are cautioned that these
forward-looking statements are only predictions and are subject to
risks, uncertainties and assumptions that are difficult to predict.
The Company’s actual results could differ materially and adversely
from those expressed in or contemplated by the forward-looking
statements. Factors that could cause actual results to differ
include, but are not limited to, those risk factors contained in
the Company’s filings with the Securities and Exchange Commission
available at www.sec.gov, including without limitation, the
Company’s annual report on Form 10-K, quarterly reports on Form
10-Q and subsequent filings. In addition, these risks and
uncertainties include, but are not limited to, changes in the
effects of the previously disclosed restatements on the Company’s
financial statements or financial results and delay in the filing
of the Company’s periodic reports with the SEC, including the
Delinquent Reports, due to the Company’s efforts to complete the
previously disclosed restatements. Readers are cautioned not to
place undue reliance on any forward-looking statements, which speak
only as of the date on which they are made. DZS undertakes no
obligation to update or revise any forward-looking statements for
any reason.
For further information see: www.DZSi.com.DZS on Twitter:
https://twitter.com/dzs_innovationDZS on LinkedIn:
https://www.linkedin.com/company/DZSi/
Investor Inquiries:
Ted Moreau, Vice President, Investor Relations
Email: IR@dzsi.com
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