Adaptive Broadband Announces Nasdaq Delisting.Business Editors/High-Tech Writers SUNNYVALE, Calif.--(BUSINESS WIRE)--May 22, 2001 Adaptive Broadband Corporation today announced that it was advised by Nasdaq on May 21, 2001, that its securities would be delisted from the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. effective with the open of business today. Trading in the securities has been suspended since May 14, 2001. Adaptive Broadband also stated that it currently intends to request review of Nasdaq's delisting decision as permitted by Nasdaq's rules. The Company is not able to provide assurance that any request for review that it may make will be successful. The Company reiterated its prior statement that it currently expects to complete its accounting review and bring its Securities and Exchange Commission filings current no later than June 15, 2001. After bringing its filings current, the Company intends to seek to have one or more market makers quote its common stock on Nasdaq's OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. . The Company will also seek to arrange for one or more market makers to quote its common stock on the Pink Sheets quotation service, which does not require that issuers of quoted securities be current in their periodic filings. Despite these intentions, the Company is not able to provide assurance with respect to when or if its Securities and Exchange Commission filings will be brought current or quotations will be available for its common stock. About Adaptive Broadband Adaptive Broadband (www.adaptivebroadband.com) is a data networking solutions company that provides leading-edge technology for the deployment of broadband wireless See wireless broadband. communication over the Internet. Its AB-Access(TM) fixed wireless broadband High-speed wireless transmission of data. What is "high" speed is always a changing number. Wireless systems are typically slower than land-based, wireline networks. In the past, wireless broadband started at 250 Kbps, whereas land-based broadband was generally considered to start at T1 platform bridges the last mile, currently replacing the local loop for corporate and small business subscribers and migrating to the residential market. Combining a leading packet-on-demand technology and time division duplexing, it offers data transmission at rates up to 25 Mbps -- providing the capability for voice, real-time video conferencing See videoconferencing. (communications) video conferencing - A discussion between two or more groups of people who are in different places but can see and hear each other using electronic communications. , transmission of full streaming video A one-way video transmission over a data network. It is widely used on the Web as well as company networks to play video clips and video broadcasts. Computers in home networks stream video to digital media hubs connected to a home theater. , web surfing, and transmission of data files -- all simultaneously and over one connection. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 This press release includes forward-looking statements within the meaning of the Securities Exchange Act of 1934. All forward-looking statements are based on current information, and Adaptive Broadband assumes no obligation to update such statements. Forward-looking statements involve risks and uncertainties, and actual events or results may differ materially from those suggested by a forward-looking statement. Factors which could cause actual events or results to differ materially are set forth in Adaptive Broadband's filings with the Securities and Exchange Commission. |
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