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Stock Market & Financial Investment News

News Breaks
July 2, 2014
09:07 EDTWPCS, NDAQWPCS granted continued listing request from NASDAQ
WPCS (WPCS) announced that on July 1, the company received notice from The NASDAQ (NDAQ) Stock Market that the NASDAQ Hearing Panel has determined to grant the company's request for continued listing on The NASDAQ Capital Market, subject to certain conditions, including the solicitation of proxies and the holding of a combined annual meeting for fiscal 2013 and 2014 by September 30. As previously disclosed, on May 2, the NASDAQ Listing Qualifications Staff notified the company that it did not timely satisfy the annual meeting and proxy solicitation requirements, as set forth in NASDAQ Listing Rules 5620(a) and 5620(b), respectively, and that the company's securities were subject to delisting unless the company timely requested a hearing before the Panel. On June 12, the company appeared before the Panel, at which it requested an extension through September 30 to satisfy the proxy solicitation and annual meeting requirements.
News For WPCS;NDAQ From The Last 14 Days
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September 29, 2014
09:31 EDTWPCSWPCS International announces 34% user growth for digital currency offerings
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September 18, 2014
08:15 EDTWPCSWPCS International urges holders to vote YES to increase authorized shares
WPCS International is providing a letter to shareholders with a year in review and why a "YES" vote to increase the authorized shares is crucial. "We want you to know that we are entering the final stages of our current restructuring. The board believes that once our proposal to increase the number of common shares authorized by the Certificate of Incorporation and other proposals are approved, it will enable WPCS to seek key strategic initiatives to enhance our balance sheet through debt reduction, which we believe will ultimately improve our shareholders' equity and cash position." The letter also states, "The upcoming proxy statement proposal to increase the authorized shares of the company, which shareholders did not approve when last presented, is required for us to meet the existing equity conversion and warrant obligations under our secured convertible notes, convertible preferred stock and warrants. We are required to continue to seek this approval, which will result in additional cost and expenses to WPCS, until our obligation is met. We believe that an increase in authorized common stock could lead to the reduction or elimination of our outstanding secured debt, which has been highly restrictive on the company and our ability to create value for all shareholders going forward. Additionally, the increase in authorized shares would better position the company to attract talent through a new stock option plan, provide the company with flexibility for potential growth capital and enhance our ability to leverage our position as a publicly-traded company to pursue selected strategic acquisitions that we believe could enhance our business."

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