View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
October 14, 1997updated 01 Sep 2016 6:30pm

WAVE SYSTEMS COMPLETES FINANCING BUT TEETERS ON NASDAQ BRINK

By CBR Staff Writer

Lee, Massachusetts-based Wave Systems Corp, which was threatened with Nasdaq expulsion in August for failing to meet the market’s net tangible assets requirements (CI No 3,174) has been scratching its way back to solid financial ground. The company, which markets its proprietary electronic commerce system (the Wave System) has secured $3.05m in financing through a placement of $2.25m worth of convertible preferred shares with an investment fund and an $800,000 placement of common stock with a group of private investors. The funding helps Wave Systems move closer to the $5.5m in net tangible assets it needs in place by November 15 to convince Nasdaq that it shouldn’t be delisted. The real problem is that today is the deadline Nasdaq has set for proof of an OEM contract with a domestic PC manufacturer. The company doesn’t have a contract signed yet – and probably won’t have one to show by the end of the day – and will be asking Nasdaq for another extension. It was granted a first extension on September 11, when the company’s stock was bumped down to the Nasdaq SmallCap Market, where it is currently trading. It was at that meeting that the assets and the contract were agreed upon as conditions for continued life on the Nasdaq.

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU