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August 27, 1997updated 03 Sep 2016 2:20pm

WAVE SYSTEMS IN DANGER OF GETTING THE BOOT FROM NASDAQ

By CBR Staff Writer

Lee, Massachusetts-based Wave Systems Corp, which announced a $3m private placement in June (CI No 3,174) is warning that it may be kicked off of the Nasdaq market for failing to meet the exchange’s listing requirements regarding net tangible assets. The company has set a meeting with Nasdaq officials on September 11 to plead its case, but says it is not guaranteed that it shares will continue to trade after that date. The shares themselves took the news hard, losing more than 32% of their already negligible value, sliding $0.4375 to close at $0.906.

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