An example of delisting extension:
In April of 2005, Netwolves received the following from the Nasdaq:
5-Apr-2005
Notice of Delisting or Transfer
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
By letter dated March 31, 2005, the Company received written notification from Nasdaq that the bid price of its common stock for the last 30 consecutive business days had closed below the minimum $1.00 per share required for continued inclusion under Marketplace Rule 4301(c)(4) (the "Rule"). In accordance with Marketplace Rule 4310(c)(8)(D), the Company has been provided an initial period of 180 calendar days or until September 27, 2005, to regain compliance. If at any time before that date the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, the Company will be provided written notification that it is in compliance with the Rule.
Further, if the Company is not in compliance with the Rule by September 27, 2005, and the Company meets the Nasdaq SmallCap initial listing criteria except for the bid price requirement, it will be granted an additional 180 calendar days to March 26, 2006 to comply. In this regard, the Company currently meets all of the initial listing criteria except for the bid price requirement.
Nasdaq's notification further provides that in the event the Company were to receive written notification that its securities will be delisted, it maintains its right to appeal such determination to a Listing Qualifications Panel.
Then, in September, as delisting date neared, they got an extension:
Tampa, Fla. - September 28, 2005 - NetWolves Corp. (NASDAQ: WOLV), a global network continuity and security provider, today announced that it has received written notification from Nasdaq that its deadline to regain compliance with the minimum bid price requirement under Marketplace Rule 4310(c)(4) has been extended from September 27, 2005 to March 27, 2006. The extension is based upon NetWolves having met all of the other requirements for continued listing on Nasdaq.
I don't know if this bears on Wave's situation, or not. Perhaps one of our posters with a bit more market savvy than me (which wouldn't take much) will care to comment. It just seemed to be a similar situation-which resulted in an extension for Netwolves form the Nasdaq. If I have read the rules regarding Nasdaq listing corectly, Wave meets all other requirements except for the $1 minimum bid.
Perhaps Wave has gone in front of the board, and knows that they are going to receive an extension- might be a part of what they could have said to the new investors to convince them that putting money in Wave will not be risky. They also must have something else up their sleeve to offset another flat quarterly report (as all expect). I'm cheering for a government deal based on the job posting at Wave for an individual with experience at writing RFPs. An announcement with millions of dollars of real revenue attached to it would launch us nicely right now. IMO
Goin Fishn
AI
