DZS Inc. Receives Nasdaq Notice Regarding Late Form 10-Q Filing
August 18 2023 - 4:00PM
DZS Inc. (“DZS” or the “Company”) (Nasdaq: DZSI), a global leader
of access, optical and cloud-controlled software defined solutions,
announced today that on August 15, 2023, 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) because
the Company did not timely file its Quarterly Report on Form 10-Q
for the period ended June 30, 2023 (the “Form 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.
The Company filed a Notification of Late Filing on Form 12b-25
on August 9, 2023, indicating, among other things, that the filing
of the Form 10-Q would be delayed principally due to the ongoing
review by the Audit Committee of the Company’s Board of Directors
of the Company’s accounting for revenue recognition and the extent
to which these matters affect the Company’s internal controls over
financial reporting in connection with the need to restate the
Company’s previously issued unaudited condensed consolidated
financial statements as of and for the three months ended March 31,
2023.
Nasdaq has informed the Company that the Company must submit a
plan of compliance (the “Plan”) within 60 calendar days, or no
later than October 16, 2023, addressing how it intends to regain
compliance with Nasdaq’s listing rules and, if Nasdaq accepts the
Plan, it may grant an extension of up to 180 calendar days from the
Form 10-Q original filing due date, or until February 5, 2024, to
regain compliance.
The Company plans to file the Form 10-Q as soon as reasonably
practicable following the completion of the Audit Committee’s
review and the restatement.
About DZS Inc.DZS Inc. (Nasdaq: DZSI) is a
global leader of access, optical and cloud-controlled software
defined 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. 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 SEC filings 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,
additional or unforeseen affects from the COVID-19 pandemic and the
global economic climate may give rise to or amplify many of these
risks. 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/
Press Inquiries:
Kenny Vesey, Thatcher+Co.
Phone: +1.973.518.3644
Email: kvesey@thatcherandco.com
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