WPCS International Inc. (NASDAQ: WPCS) said it has received notice from the NASDAQ Hearing Panel determining that WPCS has regained compliance with the continued listing standards on the NASDAQ Capital Market and WPCS´ common stock would continue to be listed on NASDAQ.
Prior to the panel hearing, WPCS entered into an amendment with the holders of its outstanding senior secured convertible notes and common stock purchase warrants, to eliminate certain features of the notes that would otherwise have resulted in substantial fair value derivative accounting charges to the company.
In addition, the holders permanently waived various provisions of the warrants, and fixed the exercise price of the warrants to USD2.1539 per share, resulting in WPCS classifying the warrants as stockholders´ equity in its balance sheet, rather than as a derivative liability.
WPCS is a design-build engineering company that focuses on the implementation requirements of communications infrastructure. The company provides its engineering capabilities including wireless communications, specialty construction and electrical power to the public services, healthcare, energy and corporate enterprise markets worldwide. For more information, visit www.wpcs.com