Proxim (NASDAQ:PROX)
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Proxim Corporation Receives Nasdaq Delisting Notification
SUNNYVALE, Calif., June 7 /PRNewswire-FirstCall/ -- Proxim Corporation
(NASDAQ:PROX) announced today that on June 3, 2005, the Company received a
letter from The Nasdaq Stock Market, Inc. ("Nasdaq") notifying the Company that
for the 30 consecutive trading days preceding the date of the letter, the bid
price of the Company's common stock had closed below the $1.00 per share
minimum required for continued inclusion on the Nasdaq National Market pursuant
to Nasdaq Marketplace Rule 4450(a)(5). The letter further notified the Company
that, in accordance with Nasdaq Marketplace Rule 4450(e)(2), the Company will
be provided 180 calendar days, or until November 30, 2005, to regain compliance
with the minimum bid price requirement. Compliance will be achieved if the bid
price per share of the Company's common stock closes at $1.00 per share or
greater for a minimum of ten (10) consecutive trading days prior to November
30, 2005.
If compliance with Nasdaq's Marketplace Rules is not achieved by November 30,
2005 and if the Company is not eligible for an additional compliance period,
Nasdaq will provide notice that the Company's common stock will be delisted
from the Nasdaq National Market. In the event of such notification, the Company
would have an opportunity to appeal Nasdaq's determination or to apply to
transfer its common stock to the Nasdaq SmallCap Market.
About Proxim Corporation
Proxim Corporation designs and sells wireless networking equipment for Wi- Fi
and broadband wireless networks. The Company is providing its enterprise and
service provider customers with wireless solutions for the mobile enterprise,
security and surveillance, last mile access, voice and data backhaul, public
hot spots, and metropolitan area networks. This press release and more
information about Proxim can be found on the Web at http://www.proxim.com/.
Safe Harbor
This press release contains forward-looking statements as that term is defined
in the Private Securities Litigation Reform Act of 1995. These forward-looking
statements involve a number of known and unknown risks, uncertainties and other
factors that may cause such forward-looking statements not to be realized.
These forward-looking statements, include, but are not limited to, statements
related to the Company's continued listed on the Nasdaq National Market. A
number of factors could cause actual events to differ materially from the
forward-looking statements, including changes to the listing standards,
policies and procedures of the Nasdaq National Market. The Company expressly
disclaims any obligation to release publicly any updates or revisions to any
forward-looking statements to reflect any changes in expectations, or any
change in events or circumstances on which those statements are based, unless
otherwise required by law.
DATASOURCE: Proxim Corporation
CONTACT: Susan Trout of Proxim Corporation, +1-408-542-5366 or
Web site: http://www.proxim.com/