FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 13, 1998
BROADBAND TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
0-21766 56-1615990
(Commission File Number) (IRS Employer Identification No.)
4024 Stirrup Creek Drive
P.O. Box 13737
Durham, North Carolina 27709-3737
(Address of principal executive offices) (Zip Code)
(919) 544-0015
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
The Exhibit Index appears on Page 3 of this report.
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Item 5. Other Events.
On November 13, 1998, the Registrant issued a press release that discloses
that on November 12, 1998 NASDAQ granted the Registrant an extension to achieve
listing requirements. The Registrant received notification nearly three weeks
after executives, with the assistance of CIBC Oppenheimer, the company's
financial advisor, presented a financial restructuring plan to Nasdaq Listing
Qualifications panel. A copy of the press release is filed as Exhibit 99.1
hereto, which is incorporated herein by reference.
Statements contained in this Current Report which are not historical in
nature are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
include, without limitation, those relating to the Registrant's ability to
achieve and maintain continued listing on the NASDAQ National Market. Such
forward-looking statements involve certain risks and uncertainties that could
cause actual results to differ materially from the anticipated results. These
risks and uncertainties include the possible failure to develop and implement
the Registrant's plan within the time period afforded by NASDAQ to achieve
compliance and to maintain continued listing on the NASDAQ National Market and
other factors as may be identified from time to time in the Registrant's filings
with the Securities and Exchange Commission or in the Registrant's press
releases.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
Exhibit No. Exhibit
- ----------- -------
99.1 Press Release of the Registrant, dated November 13, 1998.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BROADBAND TECHNOLOGIES, INC.
By: /s/ David Orr
----------------------------
Name: President
Dated: November 17, 1998
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EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
99.1 Press Release of the Registrant, dated
November 13, 1998. 4
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Nasdaq Grants BroadBand's Request for Listing Exception
Research Triangle Park, NC--(November 13, 1998)--BroadBand Technologies, Inc.
(BBTK) said today that Nasdaq granted the company an extension to achieve
listing requirements. The company received notification nearly three weeks after
executives, with the assistance of CIBC Oppenheimer, the company's financial
advisor presented a financial restructuring plan to a Nasdaq Listing
Qualifications panel.
"We are pleased by the panel's decision to grant the additional time needed to
execute our financial restructuring plan," stated BroadBand's CEO David E. Orr.
"With our request granted by Nasdaq, we will be working to complete the
restructuring in the allotted time frame," he added.
Mr. Orr went on to caution, however, that there is no assurance that the company
will be able to complete the process within the time period afforded by Nasdaq.
If delisted, BroadBand's shares would be quoted and traded over-the-counter.
This release contains forward-looking statements about the company's
performance, including its ability to achieve and maintain Nasdaq's National
Market Maintenance Standards. The company's Form 10K, Form 10Qs and other
documents on file with the Securities and Exchange Commission identify important
factors which could cause actual results to differ materially from those
indicated by forward-looking statements. However, forward-looking statements are
beyond the ability of the company to control and in many cases the company
cannot predict all factors that would cause actual results to differ materially
from those indicated by the forward-looking statements.
Founded in 1988, BroadBand Technologies, Inc. is a communications equipment
company that manufactures and markets integrated network access platforms for
the telecommunications industry. The company is headquartered in Research
Triangle Park, NC.
Contact: Rick Jones
BroadBand Technologies, Inc.
(919) 405-4608
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