Wave Systems Corp.NASDAQ
Mon, Feb. 1, 3:45 PM
- In an afternoon 8-K filing, Wave Systems (NASDAQ:WAVX) discloses it's filing for Chapter 7 bankruptcy at a U.S. bankruptcy court for the District of Delaware.
- A Chap. 7 trustee will be appointed by the court and assume control of the company. Wave's assets will be liquidated in accordance with the bankruptcy code.
- Wave: "The Company’s board of directors, after spending considerable time and effort attempting to pursue and complete strategic alternatives to finance, restructure or sell the Company and not being successful, concluded that no viable options remained for continuing operations, and that the Chapter 7 case is the only alternative available." The company's officers and directors are all resigning on account of the filing.
- After coming off a halt, Wave's share have lost over 4/5 of their remaining value.
Dec. 31, 2015, 12:40 PM
Dec. 30, 2015, 2:23 PM
- In order to regain compliance with the Nasdaq's $1.00 minimum bid rule, Wave Systems (NASDAQ:WAVX) has approved a 1:10 reverse split. It goes into effect after Thursday's close.
- Wave has fallen to $0.16 today. Shares are down 79% on the year. The security software firm announced earlier this month (along with a financing deal) it's exploring strategic options, including M&A opportunities.
Dec. 17, 2015, 2:51 PM
- Wave Systems (NASDAQ:WAVX) has struck a 5-year master license agreement for its Virtual Smart Card 2.0 solution with an unnamed Global 500 financial services firm. VSC 2.0, which allow companies to create, delete, and manage virtual smart cards, has been established as the firm's "preferred two-factor authentication solution."
- Each of the client's divisions will make separate VSC 2.0 orders. Wave: "The first purchase of 2,000 VSC 2.0 licenses under this agreement, when added to a previous purchase, completes the requirement for the customer's global IT division. That division will now lead the internal effort to standardize the remaining 150,000+ endpoints within their organization with the new Wave VSC 2.0 solution. While there are no minimum order requirements under the agreement, discussions for additional orders are underway."
- The announcement comes two days after Wave, beset by liquidity/solvency fears, jumped on news it has obtained a financing facility worth up to $3M, and has hired an i-bank to help explore strategic options.
Dec. 15, 2015, 12:00 PM
- Marble Bridge Funding Group (MBFG) has provided Wave Systems (NASDAQ:WAVX) with a secured accounts receivable and purchase orders financing facility worth up to $3M.
- The accounts receivable facility has an initial 12-month term, with an automatic 12-month renewal unless Wave terminates it or defaults. The purchase order facility lasts "for 9 months or the termination of the credit facility, whichever occurs first."
- As part of the deal, MBFG and its co-lender are receiving warrants to buy 5.5M shares at an exercise price of $0.15 ($0.06 below current levels). That warrants become exercisable six months after the deal goes into effect, and expire five years after being issued.
- Wave has also hired boutique i-bank GrowthPoint Technology Partners to "advise it in evaluating its strategic alternatives, including potential M&A opportunities."
- Not counting the warrant dilution, Wave's market cap is still only at $13M. The security software firm still hasn't posted Q3 results; it had $2.8M in cash at the end of Q2.
Oct. 5, 2015, 9:54 AM
- Wave Systems (NASDAQ:WAVX) has inked a 3-year, royalty-bearing, software license and distribution deal with chip distributor SAC for the use of its Trusted Platform Module (TPM) software.
- The deal gives SAC "a royalty-bearing limited license to use, reproduce, distribute and import Wave's TPM management software client for packaging and sales distribution with the TPM 2.0 microchip." Royalties are based on sold units; "material shipments" are expected to start in early 2016.
- CEO Bill Solms asserts the deal "puts Wave in the position of being one of the first to market with software supporting the new TPM 2.0 standard." Shares remain down 74% YTD. Wave's market cap stands at $12.6M.
Aug. 13, 2015, 4:07 PM
- Wave Systems (NASDAQ:WAVX): Q2 EPS of -$0.13
- Revenue of $2.57M (-42.1% Y/Y)
Jul. 31, 2015, 1:49 PM
- Two days after plummeting in the wake of news the company is cutting 60% of its workforce and reviewing strategic options - it came amid widespread liquidity/solvency fears - Wave Systems (NASDAQ:WAVX) is reversing course. 3.57M shares have been traded, well above a 3-month daily average of 317K.
- Wave's shares are still only around $0.20, far below a 52-week high of $1.42. The security software firm's market cap is at $11.4M.
Jul. 29, 2015, 10:00 AM
- Wave Systems (NASDAQ:WAVX) is launching a restructuring that will "reduce the Company's global workforce by approximately 60% from 133 full time employees and contractors to a core team of approximately 54 employees spread across all functional areas."
- The company has also begun a review of its options for "raising capital and pursuing customer transactions and other strategic alternatives."
- The job cuts are expected to help lower quarterly opex by 50% to $3.5M. Wave will focus resources on supporting "its core products, Wave Virtual Smart Card, Wave Self-Encrypting Drive Management and Wave Data Protection Suite software solutions, its key customers and prospects for these solutions, along with a select group of strategically important OEM partnerships."
- Shares have plunged below $0.13.
Jul. 17, 2015, 4:54 PM
- Wave Systems (NASDAQ:WAVX), which closed today at $0.36, has been notified by the Nasdaq it's not in compliance with the exchange's $1.00 minimum bid rule. The company is "considering its options with respect to a plan to regain and sustain compliance," and for presenting such a plan to a Nasdaq listing qualifications panel.
- Companies often carry out reverse splits to regain minimum bid compliance. Wave is down 55% YTD.
Jul. 8, 2015, 1:46 PM| Jul. 8, 2015, 1:46 PM | 4 Comments
Jun. 29, 2015, 3:38 PM
- A long list of tech companies are posting big declines as the Nasdaq drops 2.2% amid a market rout triggered by expectations of a pending Greek default.
- 6%+ decliners include program guide/content protection IP firm Rovi (ROVI -9.5%), ultracapacitor maker Maxwell (MXWL -8.2%), wireless charging tech developer Energous (WATT -9%), cybersecurity hardware/software provider KEYW Holding (KEYW -8.5%), LED sapphire wafer maker Rubicon (RBCN -10.8%), IP licensing firm WiLAN (WILN -7.1%), security software provider Wave Systems (WAVX -11.6%), online video hosting platform Brightcove (BCOV -7%).
- In a repeat of Friday's trading, many Chinese tech names are also off sharply. The group includes mobile app developer Cheetah Mobile (CMCM -9.7%), e-commerce services firm Baozun (BZUN -8%), online travel agency eLong (LONG -15.3%), and online retailer LightInTheBox (LITB -7.8%).
- See also: LinkedIn, Yandex/Qiwi, solar stocks, Xoom, AppliedMicro
May 21, 2015, 10:40 AM
- Wave Systems (NASDAQ:WAVX) is selling 7.3M units consisting of 1 share and a warrant to buy 0.5 shares at $0.65 apiece - 21% below a Wednesday close of $0.82 for Wave's shares. Underwriters have a 1.095M-unit overallotment option.
- The warrants have an $0.81 exercise price, and will be exercisable for 60 months after issuance. Wave expects net proceeds of $4.4M from the offering.
- Shares are $0.07 above a 52-week low of $0.60.
- Yesterday: Wave plans stock/warrant offering
May 20, 2015, 5:45 PM
- Wave Systems (NASDAQ:WAVX) plans a new stock/warrant offering of yet-undetermined size. Net proceeds will be used for working capital.
- The encryption/authentication software firm had $3.2M in cash at the end of Q1. A 5.5M-share stock/warrant offering yielding net proceeds of $3.3M was carried out in January.
- Shares have fallen to $0.75 AH.
Apr. 30, 2015, 4:13 PM
- Wave Systems (NASDAQ:WAVX): Q1 EPS of -$0.10
- Revenue of $2.45M (-54.0% Y/Y)
Mar. 6, 2015, 2:24 PM
- Wave Systems' (NASDAQ:WAVX) $2.7M (49%) Q4 Y/Y revenue drop had much to do with a $2.3M decline in OEM software bundling revenue, which in turn was largely due to declining software shipments to Dell. For the whole of 2014, Dell OEM software revenue fell by $4.5M.
- Q4 billings totaled $2.9M, down from $3.4M in Q3 and $5.4M a year ago, and even with revenue. OEM billings and license/maintenance billings respectively fell by $2M and $500K Y/Y.
- Operating expenses fell 22% Y/Y to $7.2M. Prior to the receipt of a $3.3M in net proceeds from a stock/warrant offering, Wave ended Q4 with $1.8M in cash, down from $4.3M in Q3 and $2.1M a year earlier. The deferred revenue balance stood at $5.1M.
- On the CC (transcript), CEO William Solms admitted he now thinks his "original estimate of being cash flow positive by the end of 2014 was overly optimistic." He argued salesforce changes and Wave's Virtual Smart Card 2.0 software will provide a lift in 2015.
- Q4 results, PR