UTStarcom Provides Update on Form 20-F Filing
HONG KONG, May 24, 2017 (GLOBE NEWSWIRE) -- UTStarcom Holdings Corp. (NASDAQ:UTSI) (“UTStarcom”, “we” or the “Company”) a global telecommunications infrastructure provider, today provided an update regarding the delayed filing of its Annual Report on Form 20-F for the year ended December 31, 2016.
On May 19, 2017, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market, Inc. (“Nasdaq”) stating that since the Company has not yet filed its Annual Report on Form 20-F for the year ended December 31, 2016 (the “Filing”), it is no longer in compliance with Listing Rule 5250(c)(1) for continued listing. Under Nasdaq rules, the Company has until July 18, 2017 to submit to Nasdaq a plan to regain compliance. If Nasdaq accepts the Company’s plan to regain compliance, it can grant an extension of up to 180 calendar days from the Filing’s due date, or until November 14, 2017, to regain compliance.
As previously disclosed on April 28, 2017, the delay in the Filing was due to the Company requiring more time to finalize investment impairment assessments. The Company is currently working diligently with its independent auditor to complete these assessments. The Company will work to make the Filing as soon as practicable and will keep its investors and shareholders updated as necessary.
This press release includes forward-looking statements. These statements are forward-looking in nature and subject to risks and uncertainties that may cause actual results to differ materially and adversely from the Company’s current expectations. These include risks and uncertainties related to, among other things, changes in the financial condition and cash position of the Company, changes in the composition of the Company’s management and their effect on the Company, the Company’s ability to realize anticipated results of operational improvements and benefits of the divestiture transaction, the ability to successfully identify and acquire appropriate technologies and businesses for inorganic growth and to integrate such acquisitions, the ability to internally innovate and develop new products, assumptions the Company makes regarding the growth of the market and the success of the Company’s offerings in the market, and the Company’s ability to execute its business plan and manage regulatory matters. The risks and uncertainties also include the risk factors identified in the Company’s latest annual report on Form 20-F and current reports on Form 6-K as filed with the Securities and Exchange Commission. The Company is in a period of strategic transition and the conduct of its business is exposed to additional risks as a result. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release, which may change, and the Company assumes no obligation to update any such forward-looking statements.
About UTStarcom Holdings Corp.
UTStarcom is a global telecom infrastructure provider dedicated to developing technology that will serve the rapidly growing demand for bandwidth from cloud-based services, mobile, streaming, and other applications. We work with carriers globally, from Asia to the Americas, to meet this demand through a range of innovative broadband packet optical transport and wireless/fixed-line access products and solutions. The Company’s end-to-end broadband product portfolio, enhanced through in-house Software Defined Networking (SDN)-based orchestration, enables mobile and fixed-line network operators and enterprises worldwide to build highly efficient and resilient future-proof networks for a range of applications, including mobile backhaul, metro aggregation, broadband access and Wi-Fi data offload. Our strategic investments in media operational support service providers expand UTStarcom’s capabilities in the field of next generation video platforms. UTStarcom was founded in 1991, started trading on NASDAQ in 2000, and has operating entities in Hong Kong; Tokyo, Japan; San Jose, USA; Delhi and Bangalore, India; Hangzhou, China. For more information about UTStarcom, please visit http://www.utstar.com.
For investor and media inquiries, please contact: UTStarcom Holdings Corp. Tel: +852-3951-9757 Fei Wang, IR Director Email: email@example.com Ning Jiang, Investor Relations Email: firstname.lastname@example.org In the United States: The Blueshirt Group Mr. Ralph Fong Tel: +1 (415) 489-2195 Email: email@example.com