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 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. disclosed that it intends to sell assets or reorganize under court supervision in a filing with the Securities and Exchange Commission. Powerwave Technologies has filed for bankruptcy on January 28, 2013.