Nasdaq Warns Occam

Occam Networks receives Nasdaq notification related to delay in filing of form 10-Q for quarter ended March 31, 2007

May 21, 2007

1 Min Read

SANTA BARBARA, Calif. -- Occam Networks, Inc. (NASDAQ:OCNW) announced today that on May 17, 2007 it received a notice from the Nasdaq Stock Market stating that Occam is not in compliance with NASDAQ’S Marketplace Rule 4310(c)(14) because Occam has not timely filed its Quarterly Report on Form 10-Q for the three months ended March 31, 2007. NASDAQ will continue to broadcast an indicator over its market data dissemination network noting Occam’s non-compliance. The presence of an indicator does not constitute a trading halt or delisting.

Occam has delayed the filing of its Form 10-Q as well as its Form 10-K for the fiscal year ended December 31, 2006 because its Audit Committee is conducting a review of Occam’s prior revenue recognition practices, including a review of Occam’s commitments to provide customers with software, hardware and software maintenance, upgrades, training, and other services in connection with customers' purchases of Occam’s network equipment. Occam is working diligently to complete this review and to file its Form 10-K and Form 10-Q.

Occam has requested a hearing before a NASDAQ Listing Qualifications Panel for continued listing on The NASDAQ Global Market. This appeal resulted in an automatic stay of the delisting and Occam’s common stock will remain listed on The NASDAQ Global Market pending a decision by the Listing Qualifications Panel. Occam’s hearing before the Panel is currently scheduled for May 31, 2007.

Occam Networks Inc. (Nasdaq: OCNW)

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