Nextwave Wireless (WAVE) Gutted Like A Fish

Posted in General 
August 8th, 2008

Nextware Wireless is down over 50% at 9.37 on remarkable volume of 417,000 shares. It drove though its 52-week low moving off to $1.33 against a 52-week high of $7.59.

The company reported revenues of $31.8 million for the second quarter of 2008, a $5.8 million or 22 percent increase over the first quarter of 2008.

But, Nextware reported a loss from operations of $65.7 million for the second quarter of 2008, a decrease of $13.9 million or 17 percent over the first quarter of 2008.

What broke the company’s back?

“If the Company does not obtain further financing in September 2008, it would not be able to meet its financial obligations at the beginning of the fourth quarter of 2008, will not be able to continue its operations in the normal course of business and may be forced to restructure its obligations. ”

Douglas A. McIntyre

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