DZSI - DZS consummates sale of Asia assets announces receipt of delinquency letter from Nasdaq
2024-04-05 11:10:58 ET
- DZS ( NASDAQ: DZSI ) on Friday announced that the company and its unit, DZS California, along with major shareholder DNI consummated a previously disclosed sale.
- Under the agreement, DZS California sold to DNI all of the equity interests in DASAN Network Solutions, D-Mobile, DZS Vietnam, Dasan India, and DZS Japan for a purchase price of $48M.
- The consideration consisted of $5M in cash, the elimination of about $34M in debt owed to DNI, and the retention at DNS of about $9M in debt owed to DNI.
- Additionally, DZS said that on April 1, it received a delinquency notification letter from Nasdaq, as a result of the company’s delay in filing its annual report on Form 10-K, among others.