Summary of AIRSPAN NETWORKS INC

Item 8.01 Other Events.

In a press release dated October 20, 2008, Airspan Networks Inc. (the "Company") announced that it had received notification that NASDAQ has suspended for a three month period the enforcement of the rules requiring a minimum $1 closing bid price or a minimum market value of publicly held shares. NASDAQ has said that it will not take any action to delist any security for these concerns during the suspension. NASDAQ has stated that, given the current extraordinary market conditions, this suspension will remain in effect through Friday, January 16, 2009 and will be reinstated on Monday, January 19, 2009. As a result of this suspension, the Company now has until January 26, 2009 to regain compliance with the minimum bid rule. The Company previously had until October 22, 2008 to regain such compliance.

As a result of the suspension, if, at any time before January 26, 2009, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, NASDAQ will provide written notification that the Company has achieved compliance with the minimum bid rule.

If the Company does not regain compliance with the minimum bid rule by January 26, 2009, NASDAQ will provide written notification that its securities will be delisted. At that time, the Company may appeal NASDAQ's determination to delist its securities to a Listing Qualifications Panel. The Company may also apply to transfer its securities to The NASDAQ Capital Market if it satisfies the requirements for initial inclusion set forth in Marketplace Rule 4310(c) on such date. If the Company's application is approved, the Company will be afforded the remainder of this market's second 180 calendar day compliance period in order to regain compliance while its common stock remains listed on The NASDAQ Capital Market.

A copy of the press release announcing the receipt of the notification is attached hereto as Exhibit 99.1 and is incorporated herein by reference.