WAVX OT & Uncensored (WAVX)

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KEY = 35 mil Market Cap.IMHO
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Posted by: boombreaker Date: Tuesday, August 12, 2008 5:46:32 PM
In reply to: None Post # of 169515


Wave Receives Nasdaq Notice of Minimum Bid Price Non-Compliance

Last update: 5:07 p.m. EDT Aug. 12, 2008
LEE, Mass., Aug 12, 2008 (BUSINESS WIRE) -- Wave Systems Corp. (WAVX:
wave systems corp com new
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Last: 0.59-0.10-14.49%
3:59pm 08/12/2008

WAVX 0.59, -0.10, -14.5%) announced that it received notification today from the Listing Qualifications division of The Nasdaq Stock Market indicating that the Company's Class A Common stock is subject to potential delisting from The Nasdaq Global Market because for the last 30 consecutive business days, the bid price of the Company's Class A common stock has closed below the minimum $1.00 per share requirement for continued inclusion under Nasdaq Marketplace Rule 4450 (the "Bid Price Rule"). This notice follows the previous notice received by Wave on July 17, 2008 from Nasdaq's Listing Qualifications division indicating that Wave's common stock is subject to potential delisting from The Nasdaq Global Market because the market value of Wave's common stock was below $50 million for 10 consecutive business days, and, therefore, did not meet the requirement set forth in Nasdaq Marketplace Rule 4450(b)(1)(A) (the "Market Value Rule").
The Nasdaq notice indicated that, in accordance with Nasdaq Marketplace Rule 4450(e)(2), Wave will be provided 180 calendar days, or until February 9, 2009, to regain compliance. If, at any time before February 9, 2009, the bid price of the Company's Class A common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq staff will provide written notification that it has achieved compliance with the Rule. However, as reported in the July 17th news announcement, the Previous Nasdaq Notice states that the Company will be provided a period of 30 calendar days, or until August 18, 2008, to regain compliance with the Market Value Rule by having a market value of $50 million or more for the Company's common stock for a minimum of 10 consecutive business days (or such longer period of time as the Nasdaq staff may require in some circumstances).
The Company will not regain compliance with the Market Value Rule by August 18, 2008 and expects to receive a delisting notice from the Nasdaq staff on that date. At that time, the Company will appeal the determination to delist its securities to a Listing Qualifications Panel. The Company expects that its common stock will continue to be listed on The Nasdaq Global Market during the appeal process. Alternatively, the Company may consider applying to transfer its securities to The Nasdaq Capital Market if it satisfies the requirements for inclusion set forth in the Marketplace Rules, other than the minimum bid price requirement. The Nasdaq Capital Market's aggregate market value continued listing requirement is $35 million. If the Company submits an application to transfer its securities to The Nasdaq Capital Market and it is approved, the Company may be afforded the remainder of The Nasdaq Capital Market's 180 calendar day compliance period in order to regain compliance with the Bid Price Rule while on The Nasdaq Capital Market. If the Company does not regain compliance with the Bid Price Rule by February 9, 2009, the Nasdaq staff will provide written notification that the securities will be delisted.
Wave plans to exercise diligent efforts to maintain the listing of its common stock on The Nasdaq Global Market or, in the alternative, to transfer its securities to The Nasdaq Capital Market, but there is no assurance that it will be successful in doing so.
Safe Harbor for Forward Looking Statements
Under the Private Securities Litigation Reform Act of 1995. This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
SOURCE: Wave Systems Corp.





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