Confused about VCU's "hold for further action"

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Apparition

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I was under impression that "hold for futher action" means that from there, you can only go two ways - accepted or waitslisted. And rejected from waitslist only around August when class starts. But this is what it says on their website:

The second type of Hold occurs after an interviewed candidate's file has been considered by the Committee and ranked. The file is then "on hold" until the next group of offers is sent out. Generally, offers are sent about October 15, December 15, February 1, and then the class is completed by March 15 and all remaining candidates on hold are notified that they are on the alternate list or can no longer be considered.

So does this mean that on March 15, some people will be on waitlist and some will be rejected?
 
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