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M-Wave to Remain Listed on NASDAQ
August 30, 2004 |Estimated reading time: Less than a minute
West Chicago, Ill. — M-Wave Inc. has received formal notice from NASDAQ that it has "evidenced requirements for continued listing on the NASDAQ SmallCap Market," according to the decision of a NASDAQ Listing Qualifications Panel.
The company had received a NASDAQ Staff Determination on May 14, 2004, indicating it failed to satisfy the stockholder's equity, earnings or market value of publicly held shares requirements for continued listing on the NASDAQ SmallCap Market under Marketplace Rule 4310(c)(2)(B), and that its common stock was therefore subject to delisting from that market unless it was able to comply with one of those requirements.
M-Wave appealed the staff's determination in accordance with NASDAQ rules. The appeal was successful after the company completed a private equity transaction with Mercator Advisory Group, netting $2.6 million of preferred stock equity and filed its Form 10-QSB for the second quarter of fiscal 2004, reflecting stockholder's equity of $3.6 million at June 30, 2004 on a pro forma basis for the Mercator transaction.M-Wave is a value-added service provider of high performance circuit boards. For more information, visit www.mwav.com.