Airspan Networks Holdings Inc. Makes NYSE American Section 610(b) Public Announcement

Rhea-AI Summary

Airspan Networks Holdings Inc. (NYSE American: MIMO) disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022, that its audited financial statements contained a going concern emphasis of matter paragraph from its independent auditor. This notification is compliant with NYSE American Company Guide Section 610(b). The announcement does not alter the Company’s consolidated financial statements or the Annual Report. Airspan is focused on innovative software and hardware for 5G networks and has shipped over one million cells to customers across more than 100 countries.

Positive

• Airspan's technology and R&D investments position it favorably in the 5G market.
• The company has successfully shipped over one million cells worldwide, demonstrating significant market penetration.

Negative

• The inclusion of a going concern paragraph in the audit opinion raises concerns about the company's financial stability.

BOCA RATON, Fla.--(BUSINESS WIRE)-- Airspan Networks Holdings Inc. (NYSE American: MIMO), which provides ground-breaking, disruptive software and hardware for 5G networks, and a pioneer in end-to-end Open RAN solutions, today announced that, as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022 filed on March 16, 2023 with the Securities and Exchange Commission, the audited financial statements for the year ended December 31, 2022 included in the 10-K contained an audit opinion from its independent registered public accounting firm, which included a going concern emphasis of matter paragraph.

This announcement is made pursuant to NYSE American Company Guide Section 610(b), which requires separate public announcement of the receipt of an audit opinion containing a going concern paragraph. This announcement does not represent any change or amendment to the Company’s consolidated financial statements or to its Annual Report on Form 10-K for the year ended December 31, 2022.

About Airspan

Airspan Networks Holdings Inc. (NYSE American: MIMO) is a U.S.-based provider of groundbreaking, disruptive software and hardware for 5G networks, and a pioneer in end-to-end Open RAN solutions that provide interoperability with other vendors. As a result of innovative technology and significant R&D investments to build and expand 5G solutions, Airspan believes it is well-positioned with 5G indoor and outdoor, Open RAN, private networks for enterprise customers and industrial use applications, fixed wireless access (FWA), and CBRS solutions to help mobile network operators of all sizes deploy their networks of the future, today. With over one million cells shipped to 1,000 customers in more than 100 countries, Airspan has global scale. For more information, visit www.airspan.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230316005722/en/

Media Contact:

mediarelations@airspan.com

Investor Relations Contact:

Brett Scheiner

+1 561-893-8660

IR@airspan.com

Source: Airspan Networks Holdings Inc.

FAQ

What does the going concern emphasis of matter paragraph mean for MIMO stock?

The going concern emphasis suggests potential financial instability, which may negatively impact investor confidence in MIMO.

When was the last financial report filed by Airspan Networks?

Airspan Networks filed its Annual Report on Form 10-K for the year ended December 31, 2022, on March 16, 2023.

What are Airspan Networks' main products?

Airspan specializes in disruptive software and hardware solutions for 5G networks and Open RAN technologies.

How many cells has Airspan shipped globally?

Airspan has shipped over one million cells to over 1,000 customers in more than 100 countries.

Is there any change to Airspan's financial statements due to the recent announcement?

No, the recent announcement does not change or amend Airspan's consolidated financial statements or its Annual Report.