powerwave technologies inc (PWAVQ) Key Developments
Powerwave Technologies, Inc. Reports Preliminary Results for the First Quarter Ended April 1, 2012
May 3 13
Powerwave Technologies Inc. reported preliminary results for the first quarter ended April 1, 2012. For the period, net sales were $43.3 million, compared with $136.6 million in the first quarter of fiscal 2011. GAAP net loss was $57.9 million, which includes $0.8 million of non-cash equity based compensation expense and $1.3 million of non-cash debt interest accretion, and $8.8 million of restructuring charges. The net loss equates to a basic loss per share of $1.83. This compares to a net loss of $7.0 million, or a loss per share of 21 cents for the prior year period. For the first quarter of fiscal 2012, excluding the debt interest accretion and the non-cash equity based compensation expenses and restructuring charges, on a pro forma basis, Powerwave would have reported a net loss of $39.5 million, or basic loss per share of $1.25. The first quarter revenues were impacted by weakness in several of the company's markets.
Powerwave Technologies Inc. Enters into a Debtor in Possession Credit and Security Agreement; Announces Management Changes
Apr 12 13
Powerwave Technologies Inc. announced that it has entered into a Debtor in Possession Credit and Security Agreement with P-Wave Holdings, LLC, an affiliate of The Gores Group. Under the agreement, P-Wave Holdings, LLC will make available to the Company a multiple draw senior secured priming term loan credit facility of up to $5,000,000 for general corporate purposes and working capital during its bankruptcy case in support of the sales process the company is undertaking.
The company also announced that Ronald J. Buschur has resigned from his positions as President and Chief Executive Officer. The Board of Directors of the company has appointed Khurram Sheikh as Chief Executive Officer. Mr. Sheikh previously was the company's Chief Technology Officer.
NASDAQ Announces Delisting Of Powerwave Technologies
Mar 20 13
NASDAQ announced that it will delist the common stock of Powerwave Technologies Inc. The company's stock was suspended on January 30, 2013 and has not traded on NASDAQ since that time. NASDAQ will file a Form 25 with the Securities and Exchange Commission to complete the delisting of the company. The delisting will become effective ten days after the Form 25 is filed.
Powerwave Technologies Inc.(NasdaqGS:PWAV) dropped from NASDAQ Composite Index
Jan 29 13
Powerwave Technologies Inc. will be removed from NASDAQ Composite Index.
Powerwave Technologies’ Common Shares To Be Suspended From NASDAQ
Jan 28 13
On January 28, 2013, in light of the Bankruptcy Filing, the Powerwave Technologies Inc. requested that the hearing before the Panel be cancelled. In response to the Bankruptcy Filing, by letter dated January 28, 2013, NASDAQ notified the Company that its common shares would be suspended at the open of business on January 30, 2013 and that NASDAQ will file a Form 25 Notification of Delisting with the Securities Exchange Commission in accordance with its internal procedures.