NEW YORK, NY / ACCESSWIRE / June 8, 2017 / Investors cheered yesterday as DragonWave received news that they are allowed to stay listed on the NASDAQ subject to certain conditions. Shares soared as much as 75% and even another 28% in after-hours trading. VirnetX Holding Corp. also saw its shares climb and have been climbing all week despite any significant news.
RDI Initiates Coverage on:
VirnetX Holding Corp
DragonWave Inc. was one of the biggest winners on the NASDAQ in Wednesday trading. The leading global supplier of packet microwave radio systems for mobile and access networks had announced that the Nasdaq Hearings Panel has granted the company permission to stay listed on the NASDAQ. The decision is subject to DragonWave's achievement of certain interim milestones. It is also subject to the company's compliance with the $2.5 million stockholders' equity requirement by no later than October 17, 2017. The Company is diligently working to timely satisfy the terms of the Panel's decision. Traders were very excited to read the news and helped shares close up 75%. Shares continued to rally in after-hours trading another 28%. Earlier in the week, DragonWave also announced that it had been awarded a product supply and installation services contract from SmartSky Networks, a North American 4G LTE inflight service provider. According to DragonWave's press release, SmartSky will use the company's Harmony Enhanced and Harmony Enhanced MC products in order to provide high-capacity backhaul for its ground to air 4G LTE network.
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VirnetX Holding Corp.'s shares had a solid close in the green yesterday with gains of 7.29%. The Internet security software and technology company had no significant news to explain the move, but the stock has been on a gaining frenzy since Monday. Shares climbed from $3.95 in Monday opening to as high as $5.35 on Wednesday with trading volume spiking all week. Headquartered in Nevada, VirnetX Holding Corp. has patented technology for secure communications and its solutions include Secure Domain Name Registry and GABRIEL Connection Technology. The Company has 52-week high of $6.50 and 52-week low of $1.70.
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