UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
Report Of Foreign Private Issuer
Pursuant To Rule 13a-16 Or 15d-16 Of
The Securities Exchange Act Of 1934
FOR THE MONTH OF April 2017
COMMISSION FILE NUMBER: 001-34491
DRAGONWAVE INC.
(Translation of registrants name into English)
411 Legget Drive, Suite 600
Ottawa, Ontario, K2K 3C9
Canada
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
xForm 20-F oForm 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: o Yes x No
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a
The following exhibits are issued by DragonWave Inc.:
Exhibit Number |
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Description |
99.1 |
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Press Release dated April 21, 2017 DragonWave Announces Receipt of NASDAQ Staff Determination; Company to Request Hearing |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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DRAGONWAVE INC. | |
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(Registrant) | |
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By: |
/s/ Patrick Houston |
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Name: |
Patrick Houston |
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Title: |
Chief Financial Officer |
Date: April 21, 2017
Exhibit 99.1
FOR IMMEDIATE RELEASE
DragonWave Announces Receipt of NASDAQ Staff Determination; Company to Request Hearing
Ottawa, Canada, April 21, 2017 DragonWave Inc. (TSX \ NASDAQ: DRWI) a global supplier of packet microwave radio systems for mobile and access networks, today announced that it has received a letter from the Nasdaq staff indicating that the company did not regain compliance with Nasdaq Listing Rule 5550(b)(1) due to the Companys failure to maintain a minimum of $2,500,000 in shareholders equity (the Minimum Shareholders Equity Requirement) by the end of granted compliance period, which expired on April 17, 2017. As a result, the Company would be subject to delisting on May 1, 2017 unless it requests a hearing before a Nasdaq Listing Qualifications Panel (the Panel).
The Company intends to request a hearing before the Panel at which it will present its plan of compliance and request a further extension of time. The Panel has the discretion to grant the Company up to an additional 180 calendar days from April 20, 2017 to regain compliance.
This request will automatically stay any delisting or suspension action pending the issuance of a final decision by the Panel, and the expiration of any further extension granted by the Panel. There can be no assurance that the Panel will ultimately grant an extension of the compliance period.
Trading of the Companys securities under the symbol DRWI on the Toronto Stock Exchange, the Companys primary listing, is not impacted by this decision.
About DragonWave
DragonWave® is a leading provider of high-capacity packet microwave solutions that drive next-generation IP networks. DragonWaves carrier-grade point-to-point packet microwave systems transmit broadband voice, video and data, enabling service providers, government agencies, enterprises and other organizations to meet their increasing bandwidth requirements rapidly and affordably. The principal application of DragonWaves portfolio is wireless network backhaul, including a range of products ideally suited to support the emergence of underlying small cell networks. Additional solutions include leased line replacement, last mile fiber extension and enterprise networks. DragonWaves corporate headquarters is located in Ottawa, Ontario, with sales locations in Europe, Asia, the Middle East and North America. For more information, visit http://www.dragonwaveinc.com.
Forward-Looking Statements
Certain statements in this release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include statements regarding DragonWaves intent to present a plan for compliance, as well as growth opportunities and the potential benefits of, and demand for, DragonWaves products. These statements are subject to certain assumptions, risks and uncertainties, including our view of the relative position of DragonWaves products compared to competitive offerings in the industry. Readers are cautioned not to place undue reliance on such statements. DragonWaves actual results, performance, achievements and developments may differ materially from the results, performance, achievements or developments expressed or implied by such statements. Risk factors that may cause the actual results, performance, achievements or developments of DragonWave to differ materially from the results, performance, achievements or developments expressed or implied by such statements can be found in the public documents filed by DragonWave with U.S. and Canadian securities regulatory authorities. DragonWave assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
Media Contact: |
Investor Contact: |
Nadine Kittle |
Patrick Houston |
Marketing Communications |
CFO |
DragonWave Inc. |
DragonWave Inc. |
nkittle@dragonwaveinc.com |
phouston@dragonwaveinc.com |
Tel: +1-613-599-9991 ext 2262 |
Tel: +1-613-599-9991 ext. 2278 |