Zhone Transfers Listing to NASDAQ Capital Market

Sat. October 03, 2009; Posted: 08:52 PM

Oct 03, 2009 (Close-Up Media via COMTEX) -- ZHNE | Quote | Chart | News | PowerRating -- Zhone Technologies, Inc., a developer of network access solutions, announced on September 28 that the Nasdaq Stock Market has approved its application to transfer the listing of its common stock from The NASDAQ Global Market to The NASDAQ Capital Market.

Zhone voluntarily filed its transfer application on September 10, and received NASDAQ approval on September 23. The transfer will be effective at the opening of the market on September 28. Zhone's common stock will continue to trade under the symbol "ZHNE."

The NASDAQ Capital Market is one of the three markets for NASDAQ-listed stock and operates in the same manner as The NASDAQ Global Market. Companies listed on The NASDAQ Capital Market must meet certain financial requirements and adhere to NASDAQ's corporate governance standards. As of the date of its transfer application, Zhone met the financial requirements and other criteria for continued listing on The NASDAQ Capital Market, except for the $1.00 minimum bid price requirement, which had been suspended through September 25. As a result of the market transfer, NASDAQ granted Zhone an additional 180-day period until March 29, 2010 to comply with the $1.00 minimum bid price requirement. Zhone has accordingly postponed its plans to regain compliance with the $1.00 minimum bid price requirement by effecting the reverse stock split that was approved by its shareholders in October 2008.

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For full details for ZHNE click here.

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