Boston, MA 07/16/2013 (wallstreetpr) – The Wave Systems Corp. (NASDAQ:WAVX) announced that the shareholders of the company had all decided to come and join at their annual meeting which will be held on the 20th June, 2013. At the meeting conclusion, the Board of Directors has decided on the 1 for 4 reverse split of their company’s common stocks. The reserve split shall affect the beginning of trade from Monday 1st of July.
The reverse split has been done so that the compliance to the minimum closing price of $1 per share requirement for the continued list on the capital market of Nasdaq takes place.
For every four shares Wave shareholders hold, they will be entitled to receive one share from the common stock which Wave System owns. If a share is not received, then shareholders shall get cash payments instead of common shares.
The number of common shares including both the issued as well as the outstanding ones has come down to 29.2 million as compared to 116.9 million previously. The percentage of shareholder ownership shall not change, the company decided.
The premier global IT system integrator, Intelligent Decision ID, announced today the merger of Wave System so as to provide new solutions of data protection, authentication and malware detection directly to the IDs of the government customers.
The ID and Wave together are handling various issues the government has been facing for years and have successfully resolved the problem.
Both ID and Wave are two great companies in their own fields. The merger of the two companies will lead to lower costs of management and improving compliance and security.