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Zhone said that the Nasdaq Stock Market has extended the time by which Zhone must regain compliance with its minimum bid price requirement until 16 March 2008.
The company had decided to pursue a reverse stock split in order to regain compliance with the Nasdaq requirement. Zhone's stockholders had approved a reverse stock split of between 1-for-5 and 1-for-10, such that between five and ten shares of issued and outstanding common stock will convert into one share of common stock, with the final exchange ratio to be determined by Zhone.
The company said that, with the Nasdaq extension of time, it now plans to finalise the exchange ratio and complete the reverse stock split in the first quarter of 2009.
With the additional time to regain compliance the company expects to further assess the appropriate exchange ratio until early next year.
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