Key Highlights

● Cambium announced a Nasdaq delisting decision on March 26, 2026.

● Shares began trading on the OTC Expert Market on March 30, 2026.

● The secured Credit agreement matures in November 2026 and the company is in default.

● The filing states substantial doubt exists about its ability to continue as a going concern.

Cambium Networks Corporation (OTC:CMBMF) is a wireless broadband and enterprise networking equipment maker that moved from Nasdaq to over-the-counter trading earlier this year. Securities on the Expert Market can be difficult to trade and may carry limited public information. Figures are attributed to company disclosures, and no forward projections are offered.

Move to the Expert Market

Cambium announced on March 26, 2026 that a Nasdaq Hearings Panel had decided to delist its ordinary shares for failing to meet the terms of a December 3, 2025 decision, including milestones for filing periodic reports. Trading on Nasdaq was suspended on March 27, and the shares began trading on the OTC Expert Market on March 30, 2026 under the symbol CMBMF. The company said it had appealed.

Its Form 10-K for the year ended December 31, 2025 listed 29,031,302 shares outstanding as of April 23, 2026 and a last reported sale price of $0.19 on April 20, 2026. The delisting release also warned of reduced liquidity, less transparency and greater price Volatility for shares on those markets, and said the company was considering asking a Nasdaq review council to look at the decision.

Default Clouds Credit Agreement

The most significant disclosure in the Annual Report concerns financing. The filing states that the company's secured credit agreement matures in November 2026, that it has no remaining Liquidity for additional borrowings under it, that it is not in compliance with several financial covenants and is in default, and that substantial doubt exists about its ability to continue as a going concern. Operationally, the company sells fixed wireless and fiber broadband products, enterprise Wi-Fi and switching, and subscription services such as cnMaestro.

It names Ubiquiti (NYSE:UI), Tarana Wireless, Cisco Meraki and HPE Aruba among competitors, and cites tariffs and a Manufacturing shift toward Vietnam and Thailand as factors. Manufacturing was shifting from China to Vietnam and Thailand and from Mexico to Thailand, which the filing says caused Supply disruptions in 2025. These operational pressures sit alongside the financing situation, and the filing text should be consulted for the full risk discussion.

November Maturity Looms

With the credit agreement due in November 2026, investors may watch for any announcement of an extension, refinancing, forbearance, sale process or restructuring, as well as any lender action. The outcome of the delisting appeal and whether the company resumes timely SEC reporting could affect transparency. Updated quarterly filings, if and when they appear, may show Revenue trends, cash levels and the cost of the current situation. Equity holders in distressed situations can face dilution or significant loss in restructurings, and outcomes depend on negotiations that are not public. Price quotes on the Expert Market may not reflect orderly trading and should be interpreted cautiously. Another item may be whether any buyer or new investor emerges.

Broadband Products, Balance Sheet Strain

Cambium's situation combines a product portfolio serving established broadband and enterprise markets with a financing position that the company itself describes as in default and subject to Going Concern doubt. What happens near the November maturity may be decisive, though the range of outcomes remains wide and uncertain.