Can someone explain the last two sentences of this paragraph in the Wavetech filing today
sec.yahoo.com 
The Company was previously notified by The Nasdaq Stock Market ("Nasdaq")
that its Common Stock would be delisted from the Nasdaq SmallCap Market
because it was not in compliance with the $1.00 minimum bid price
requirement. The Company appealed Nasdaq's
decision to delist its Common Stock for failure to meet this requirement at a
hearing on November 19, 1998. On December 9, 1998, the Company was
notified by Nasdaq that its Common Stock will continue to be listed on the
Nasdaq SmallCap market via an exception from
the minimum bid price requirement, provided the Company meets certain
conditions. One of the conditions was that the Company's stock meet the $1.00
minimum bid price. To comply with this requirement, on December 18, 1998,
the Company effected a one-for-six reverse split, which
had been previously approved by its shareholders on May 26, 1998. The
Company has satisfied each of the other conditions required by Nasdaq, with
the exception of the requirement that it consummate the pending merger with
DCI on or before March 31, 1999.
The Company has asked Nasdaq to remove any further conditions to the
continued listing of its Common Stock or,
in the alternative, permit an extension through June 30, 1999 to either
consummate the merger with DCI or demonstrate its ability to satisfy all
continued listing requirements. Nasdaq has not yet rendered a decision on this
latest appeal. To the extent Nasdaq declines to grant the
Company's request, its Common Stock will be delisted from the Nasdaq
SmallCap Market.
WAVETECH INTERNATIONAL INC (ITEL)
Quarterly Report (SEC form 10QSB) |
