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.