Posted by: Ramsey2 Date: Wednesday, February 04, 2009 4:59:41 PM
In reply to: None Post # of 174982
We just completed ten consecutive days above the Capital Market minimum market cap of $35M. Wave should receive a letter tomorrow from Nasdaq indicating that they have regained compliance with the minimum market cap requirement for their Capital Market listing.
Now Wave has until May 15 to regain compliance with the 1.00 minimum bid rule (ten consecutive days) and may even be entitled to another extension on the 1.00 bid rule.
Accordingly, the remainder of the Initial Compliance Period begins to run again on January 19, 2009 and ends on May 15, 2009 (the “Extended Compliance Period”). If the Company gains compliance with the Market Value Rule by February 17, 2009, but then does not regain compliance with the Bid Price Rule by the end of the Extended Compliance Period (May 15), the Company may be subject to delisting or may be entitled to another 180 day period if we meet all of the other initial listing requirements of the NASDAQ Capital Market at the end of the Extended Compliance Period.
secinfo.com
Wave's 8-K did not state that ten consecutive days are required to regain compliance, but I double checked this and it is ten days.
In order to achieve compliance with the market value of listed securities requirement, a company must demonstrate compliance with the applicable standard for a minimum of 10 consecutive business days.
nasdaq.com
Folks please bear in mind that if the stock trades above .70 for something like another eight consecutive days (or I believe such that the last 15 days running average is .70 or higher), the preferred shares from the last convertible offering will convert and save the company interest.
Frankly, let's hope the sellers tighten up. It's time to keep the stock bid up. Hasn't everybody already had plenty of time to load up at basement prices?
Let's get this above 1.00 and keep it there...soon...we deserve it! |
