Westell Technologies Regains Compliance with NASDAQ Listing Requirements

Rhea-AI Summary

Westell Technologies (NASDAQ: WSTL) announced on July 28, 2020, that it has regained compliance with NASDAQ's minimum $1.00 bid price requirement for continued listing. The company achieved this as its stock closed at or above $1.00 for ten consecutive business days. Furthermore, Westell will not hold a quarterly investor call in August 2020 due to an upcoming reverse/forward stock split, with quarterly results expected to be reported around August 14, 2020.

Positive

• Regained compliance with NASDAQ's minimum bid price requirement.
• Stock closed at or above $1.00 for ten consecutive days.

Negative

• Decision to forego the quarterly investor call raises concerns about transparency.
• Impending reverse/forward stock split may indicate financial instability.

AURORA, Ill., July 31, 2020 (GLOBE NEWSWIRE) -- Westell Technologies, Inc. (NASDAQ: WSTL), a leading provider of high-performance network infrastructure solutions, today announced that on July 28, the Company received a letter from the Listing Qualifications Department of The NASDAQ Stock Market indicating that it has regained compliance with the $1.00 minimum bid price requirement for continued listing on The NASDAQ Capital Market under Listing Rule 5550(a)(2).  The Company regained compliance with the NASDAQ's requirements when the closing bid price for the Company's common stock was at or above $1.00 for ten consecutive business days.

Additionally, the Company announced that it decided to forego the quarterly investor call that would have been scheduled in August 2020 in light of the proposed reverse/forward stock split transaction. Results for the quarter ended June 30, 2020 will be reported a separate press release that is expected to be issued on or about August 14, 2020.

About Westell

Westell is a leading provider of high-performance network infrastructure solutions focused on innovation and differentiation at the edge of communication networks where end users connect.  The Company's portfolio of products and solutions enable service providers and network operators to improve performance and reduce operating expenses.  With millions of products successfully deployed worldwide, Westell is a trusted partner for transforming networks into high-quality reliable systems. For more information, please visit www.westell.com.

For additional information, contact:

Tim Duitsman Chief Executive Officer Westell Technologies, Inc. +1 (630) 898 2500 tduitsman@westell.com

FAQ

What was Westell Technologies' recent compliance update on NASDAQ?

Westell regained compliance with NASDAQ's minimum $1.00 bid price requirement as of July 28, 2020.

Why is Westell not hosting a quarterly investor call in August 2020?

Westell decided to forgo the quarterly investor call due to a proposed reverse/forward stock split.

When will Westell report its quarterly results for June 30, 2020?

Westell is expected to report its quarterly results around August 14, 2020.

What is the significance of the $1.00 minimum bid price requirement for WSTL?

The $1.00 minimum bid price is crucial for Westell's continued listing on the NASDAQ Capital Market.