Even after the latest desperation stock giveaway they are reporting this (the scam continues):
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"This will likely result in significant losses for the foreseeable future. Considering our current cash balance and Wave's projected operating cash requirements, we anticipate that our existing capital resources (including capital raised in this offering) will be adequate to satisfy our cash flow requirements into MID-NOVEMBER.
On August 19, 2008, the Company received notification from The NASDAQ Stock Market indicating that the Company failed to regain compliance with the Market Value Rule for continued inclusion on The NASDAQ Global Market. Under the NASDAQ rules, Wave requested an appeal hearing before the Listings Qualifications Panel (the "Panel"). The hearing was held on October 23, 2008. Wave has requested that the Panel permit Wave to transfer its listing to The NASDAQ Capital Market and grant Wave additional time to meet the $35 million market capitalization requirement for that market. The Company's shares will continue to be listed on The NASDAQ Global Market pending the outcome of the appeal. Wave expects a decision from the Panel within 30 days of the hearing date.
The Company has not regained compliance with the Market Value Rule and, therefore, the Panel may not grant continued listing on The NASDAQ Global Market. The Company also does not currently meet the $35 million dollar market capitalization listing requirement for The NASDAQ Capital Market and, therefore, the Panel may not grant the Company's request to transfer its listing to that market."
The information above is based on 61,837,767 (assuming the conversion of the Series I and J Preferred Stock) shares of Class A common stock and 38,232 shares of Class B common stock outstanding as of October 29, 2008 and excludes:
•6,858,182 shares of Class A common stock reserved for issuance upon the exercise of employee and director options outstanding.
•3,551,159 shares of Class A common stock reserved for issuance under existing option plans.
S-8
•261,955 of Class A common stock reserved for issuance under employee stock purchase plan.
• 41,455 shares of Class A common stock reserved for the exercise of warrants issued to consultants.
•365,853 shares of Class A common stock reserved for the exercise of warrants issued to the placement agent on May 23, 2007.
•190,410 shares of Class A common stock reserved for the exercise of warrants issued to the placement agent on February 29, 2008.
-952,050 shares of Class A common stock reserved for the exercise of warrants issued to investors on February 29, 2008.
•666,887 shares of Class A common stock reserved for exercise of warrants issued on May 23, 2008.
•582,955 shares of Class A common stock reserved for exercise of warrants issued in the June 30, 2008 offering.
•424,183 shares of Class A common stock reserved for exercise of warrants issued in the August 11, 2008 offering.
•103,200 shares of Class A common stock reserved for the exercise of warrant issued to the placement agent in the September 11, 2008 offering.
•2,220,000 shares of Class A common stock reserved for the exercise of warrants issued to the Purchasers in this offering.
•66,600 shares of Class A common stock reserved for the exercise of a warrant issued to the placement agent in this offering.
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In other words....WAVX will continue to LOSE MONEY and DILUTE THE HELL out of the wavoids just to keep the Sprague's living like kings in the Berkshires UNTIL the Nasdaq steps in and WAVX gets delisted.
WHEN DOES IT BECOME OBVIOUS FRAUD?!
The end is very near. |
