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To: twoveg who wrote (5645)	2/22/1999 1:17:00 PM
From: Frederick E. Repich	Read Replies (1) \| Respond to of 11417

Wave Systems updated website 2/22 EOM

To: twoveg who wrote (5645)	2/22/1999 1:36:00 PM
From: jmc	Read Replies (1) \| Respond to of 11417

twoveg, I believe that, while the stock has traded over five dollars since 1/19/99, the clock begins to tick when the application for re-listing is filed which was 1/29/99. I do not know whether the timeframe is 30 calendar days or trading days. Regards, jmc

To: twoveg who wrote (5645)	2/22/1999 6:45:00 PM
From: Tony McFadden	Respond to of 11417

To all: There. Is. No. Minimum. 30. Day. Requirement. To. List. On. Nasdaq. The requirement is as follows: "...satisfy the requirement that the minimum bid price for the company's Class A Common Stock will continue to be at least $5.00 per share through the application review period." The Application Review Period -- which could, theoretically, have been 3 days. It could also be 90 days. IF the price were to drop below 5 anytime before the application review period was completed [and I sincerely doubt that it would] the relisting effort would fail. I think you all are confusing the requirements to STAY listed on Nasdaq, which states, among other things, that a company must maintain a minimum bid price, and that if it goes below that price for moer than 30 days, the company will has 90 days to fix it. From Tomoko Hashimoto of Nasdaq: "Thank you for your e-mail. The information is available in the Marketplace Rules #4310 under Market of Markets - Nasdaq Worldwide - Listing Requirements - Nasdaq Marketplace Rules. For example, #4310 (c)-(8)-(b) includes the minimum bid price requirements. What it basically says is: Under the old listing standards a company could have traded on Nasdaq for under $1 if it met alternate criteria of $1m in public float and $2m in capital/surplus. Under the new rules that went into effect on 2/23/98, any company that has a closing bid of less than $1 for 30 consecutive days is deemed to be out of compliance. Then, the Company will be given 90 days from the day to comply with the bid price. After the expiration of the 90 day grace period the Company was given the opportunity to request a hearing to request an exception or an extension. Nasdaq Webmaster" .