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.PR: Wave fails to regain compliance
biz.yahoo.com
LEE, Mass.--(BUSINESS WIRE)--Wave Systems Corp. (NASDAQ: WAVX; www.wave.com) announced that it today received notification from The Nasdaq Stock Market indicating that Wave had failed to regain compliance with the Market Value Rule for continued inclusion on The Nasdaq Global Market. Under the Nasdaq rules, Wave plans to request an appeal hearing before the Listings Qualifications Panel and expects such hearing to be held within four to six weeks. However, there can be no assurance that the Panel will grant the Company’s request for continued listing. The Company’s shares will continue to be listed on The Nasdaq Global Market pending the outcome of the appeal. In the event of an unfavorable determination by the Listing Qualifications Panel, the Company would alternatively apply to have its common stock transferred to The Nasdaq Capital Market, as long as it satisfies the requirements for inclusion set forth in the Marketplace Rules other than the minimum bid requirement. The Nasdaq Capital Market’s aggregate market value continued listing requirement is $35 million. The Company may also elect to make such application prior to the hearing of the appeal. If such application is approved, Wave may be afforded the remainder of The Nasdaq Capital Market’s 180 calendar day compliance period (i.e. until February 9, 2009) in order to regain compliance with the Bid Price Rule
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count down to delisting NOTE Las Vegas time(g)
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timeanddate.com
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