Airnet Getting DelistedAirnet Getting Delisted

AirNet Communications Corporation has been advised by The Nasdaq Stock Market it will be delisted on June 1, 2006

May 24, 2006

2 Min Read

MELBOURNE, Fla. -- AirNet Communications Corporation (NASDAQ:ANCC) ("the Company") announced today that it has been advised by The Nasdaq Stock Market Inc. ("Nasdaq") that the Company will be delisted from The Nasdaq Stock Market at the opening of business on June 1, 2006 pursuant to Marketplace Rules 4300, 4450 (f), and IM-4300. The Nasdaq's determination is based on the following factors: the Company's voluntary filing under Chapter 11 of the U.S. Bankruptcy Code on May 22, 2006 (the "Filing") and the public interest concerns raised by the Filing; concerns regarding the residual equity interest of the existing listed securities holders; and concerns about the Company's ability to sustain compliance with all requirements for continued listing on the The Nasdaq Stock Market.

The Company has the right to request an expedited hearing to appeal the Nasdaq's delisting determination under the Marketplace Rule 4800 Series. In the event of such an appeal, the Company would have to address continued listing requirements including minimum bid price, market value of securities in the public float, and stockholders equity. The Company currently has no plans to appeal the Nasdaq determination.

Since the Company does not plan to appeal the Nasdaq's delisting determination, the Company's securities will not be immediately eligible to trade on the OTC Bulletin Board or in the "Pink Sheets." The securities may become eligible if a market maker makes application to register in and quote the security in accordance with SEC Rule 15c2-11, and such application (a "Form 211") is cleared. Only a market maker, not the Company, may file a Form 211. Pursuant to Marketplace Rules 6530 and 6540, a Form 211 cannot be cleared if the Company is not current in its filing obligations. As of May 25, 2006, the Company was not current in its filing obligations.

AirNet Communications Corp. (Nasdaq: ANCC)

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