Replies to post #164956 on Wave Systems Corp. (fka WAVXQ)

[Countryboy]

Nasdaq Global Market.

Can't wave just appeal the delisting and stay listed during the appeal process? Couldn't Wave just state the shelf which has not yet been declared effective will bring them into compliance?

From the PR:

If Wave has not regained compliance with the Rule by May 29, 2008, the Nasdaq staff will issue a letter notifying the Company that its common stock will be delisted. At that time, the Company may appeal the determination to delist its common stock to a Listings Qualifications Panel. Alternatively, if the Company cannot meet the requirements for continued listing on The Nasdaq Global Market, it may apply to transfer to The Nasdaq Capital Market.

Wave Systems plans to exercise diligent efforts to maintain the listing of its common stock on The Nasdaq Global Market, but there is no assurance that it will be successful in doing so. If the Company does not resolve the listing deficiency, the Company may apply for listing on The Nasdaq Capital Market.

Wave shelf registration:

"Wave filed a $25,000,000 S-3 shelf registration with the SEC on April 18, 2008 which has not yet been declared effective."

From another company AVANIR:

As previously reported on March 27, 2008, AVANIR received notification from NASDAQ that the market value of the Company’s listed securities had been below $50 million for the previous 10 consecutive trading days and therefore had fallen out of compliance with continued listing requirements for the NASDAQ Global Market. On April 7, 2008, the Company completed a $40 million offering of common stock and warrants to a select group of institutional investors, which allowed AVANIR to regain compliance with NASDAQ standards.

Several companies delisting notices state:

We have the right to appeal a staff determination to delist our securities and our securities will remain listed until completion of the appeal process.