Wave Systems Corp. (NASDAQ: WAVX), an enterprise security software provider, announced today that it has received formal notification from The Nasdaq Stock Market that the Company has evidenced compliance with the $1 bid price requirement, thereby resulting in Nasdaq's determination to continue the listing of Wave's securities on The Nasdaq Capital Market.
Separately, Wave remains subject to a grace period to evidence compliance with the minimum $35 million market value of listed securities requirement for continued listing on The Nasdaq Capital Market, which expires on February 8, 2016. In order to satisfy that requirement, Wave must evidence a market value of listed securities of at least $35 million for a minimum of 10 consecutive business days. In the event the Company does not regain compliance with the rule by February 8, 2016, the Company may request a hearing to address the deficiency and to request a further extension from the Hearings Panel. The request for a hearing would stay any action by the Nasdaq Staff pending the ultimate conclusion of the hearing process.
For more information about Wave Systems, visit: www.wave.com