(Edit):
I did some research. The rules for the additional 180 days have indeed changed. When Wave moved to the Capital exchange, the requirement for initial listing was $4 million in shareholder equity.
The additional 180 day extension is no longer an automatic extension. It is much harder to get the extension. A company MUST meet some of the INITIAL listing requirements to have an extension granted. That makes the first 180 days much more critical.
Wave is required to meet the "Continued Listing" requirements.
These are:
5550. Continued Listing of Primary Equity Securities
A Company that has its Primary Equity Security listed on the Capital Market must continue to meet all of the requirements set forth in Rule 5550(a) and at least one of the Standards set forth in Rule 5550(b). Failure to meet any of the continued listing requirements will be processed in accordance with the provisions set forth in the Rule 5800 Series.
(a) Continued Listing Requirements for Primary Equity Securities:
(1) At least two registered and active Market Makers, one of which may be a Market Maker entering a stabilizing bid;
(2) Minimum bid price of at least $1 per share;
(3) At least 300 Public Holders;
(4) At least 500,000 Publicly Held Shares; and
(5) Market Value of Publicly Held Shares of at least $1 million.
(b) Continued Listing Standards for Primary Equity Securities:
(1) Equity Standard: Stockholders' equity of at least $2.5 million;
(2) Market Value of Listed Securities Standard: Market Value of Listed Securities of at least $35 million; or
(3) Net Income Standard: Net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years.
Adopted March 12, 2009 (SR-NASDAQ-2009-018); amended June 16, 2009 (SR-NASDAQ-2009-052).
