Nasdaq Grants Wave Extension Until February to Comply With Market Value Rule; Wave to Be Transferred to Nasdaq Capital MarketFont size: A | A | A4:04 PM ET 12/9/08 | Market Wire
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4:00 PM ET 12/9/08
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Wave Systems Corp. (NASDAQ: WAVX) announced today that it received notification from the Nasdaq Hearings Panel that shares of the company's common stock will be transferred from the NASDAQ Global Market to the NASDAQ Capital Market, effective with the opening of trading tomorrow, Wednesday, December 10, 2008. Wave's common stock will continue to trade under the ticker symbol "WAVX."
As previously announced, the company has not been in compliance with the Market Value Rule requiring a minimum $50 million market value of listed securities for continued inclusion on the NASDAQ Global Market. If the company cannot demonstrate compliance with all of the required continued listing requirements of the NASDAQ Capital Market, including the $35 million market value of listed securities requirement by February 17, 2009, Wave's shares of common stock will be subject to delisting.
Wave is not required to meet the $1.00 minimum bid price requirement of the NASDAQ Capital Market by February 17, 2009. As previously reported, the company has not been in compliance with the marketplace rule requiring a bid price of the company's common stock to be at a minimum of $1.00. In accordance with the NASDAQ Marketplace rules, Wave had been provided 180 days, or until February 9, 2009, to regain compliance with the Bid Price Rule. On October 16, 2008, the NASDAQ Stock Market suspended enforcement of the Bid Price Rule and the running of related compliance periods until January 19, 2009. Accordingly, the remainder of the Initial Compliance Period begins to run again on January 19, 2009 and ends on May 15, 2009. If Wave 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, the company may be subject to delisting or may be entitled to another 180-day period if Wave meets all of the other initial listing requirements of the NASDAQ Capital Market at the end of the Extended Compliance Period.
Wave plans to exercise diligent efforts to maintain the listing of its common stock on The Nasdaq Capital Market, but there is no assurance that it will be successful in doing so.
