content: <html>
  
  <head>
  
  
  
  
  
  </head>
  
  <body lang="EN-US" style=" text-justify-trim:punctuation">
  
  <div style="font-family:Times New Roman;">
  
  <div style="border:none;border-top:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  </div>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">UNITED STATES</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">SECURITIES AND </font></b><font size="5" style="font-size:18.0pt;">EXCHANGE</font><font size="5" style="font-size:18.0pt;"> COMMISSION</font></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">WASHINGTON DC
  20549</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM&nbsp;</font></b><font size="5" style="font-size:18.0pt;">8-K</font></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p style="font-size:12.0pt;font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">CURRENT</font></b> REPORT</p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the<br>
  Securities Exchange Act of 1934</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Date of
  report (Date of earliest event reported)</font></b><font size="2" style="font-size:10.0pt;"> May&nbsp;5, 2008</font></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">WAVE SYSTEMS CORP.<br>
  </font></b><font size="2" style="font-size:10.0pt;font-weight:normal;">(Exact Name of Registrant as Specified in Charter)</font></p>
  
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div align="center">
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DELAWARE</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0-24752</font></b></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">13-3477246</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or Other
    Jurisdiction of<br>
    Incorporation)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File<br>
    Number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer<br>
    Identification No.)</font></p>
    </td>
   </tr>
  </table>
  
  </div>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">480 Pleasant Street, Lee, Massachusetts 01238<br>
  </font></b><font size="2" style="font-size:10.0pt;font-weight:normal;">(Address of Principal Executive
  Offices) (ZIP Code)</font></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Registrant&#146;s telephone number, including area code </font></b><font size="2" style="font-size:10.0pt;">(413) 243-1600</font></p>
  
  <p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K
  filing is intended to simultaneously satisfy the filing obligation of the
  registrant under any of the following provisions (see General Instruction A.2.
  below):</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt 35.0pt;text-align:left;text-indent:-35.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Written communications
  pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt 35.0pt;text-align:left;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt 35.0pt;text-align:left;text-indent:-35.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Soliciting material pursuant
  to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt 35.0pt;text-align:left;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt 35.0pt;text-align:left;text-indent:-35.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Pre-commencement communications
  pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR
  240.14d-2(b))</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt 35.0pt;text-align:left;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt 35.0pt;text-align:left;text-indent:-35.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Pre-commencement
  communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17
  CFR 240.13e-4(c))</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt 35.0pt;text-align:left;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p align="left" style="border:none;font-weight:bold;margin:0in 0in .0001pt;padding:0in;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>
  
  </div>
  
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>
  
  <div align="left" style="margin:0in 0in 12.0pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='',FILE='C:\JMS\rmoralec\08-13595-1\task2917722\13595-1-ba.htm',USER='rmoralec',CD='May  6 10:18 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>
  
  <p style="margin:0in 0in 12.0pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.0%;">
    <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 3.01.</font></b></p>
    </td>
    <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.32%;">
    <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><u><font size="2" face="Times New Roman" style="font-size:1.0pt;"><font style="text-decoration:none;">&nbsp;</font></font></u></b></p>
    </td>
    <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
    <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of Delisting or Failure to Satisfy a Continued Listing
    Rule&nbsp;or Standard;</font></u></b></p>
    </td>
   </tr>
   <tr>
    <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.0%;">
    <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.32%;">
    <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
    </td>
    <td width="87%" valign="top" style="padding:0in .7pt 0in .7pt;width:87.68%;">
    <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfer of Listing.</font></u></b></p>
    </td>
   </tr>
  </table>
  
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On May&nbsp;5, 2008, Wave Systems Corp. (the &#147;Company&#148;)
  received notification from the Listing Qualifications division of The Nasdaq
  Stock Market indicating that the Company&#146;s Class&nbsp;A Common stock is subject
  to potential delisting from The Nasdaq Global Market because for the last 30
  consecutive business days, the bid price of the Company&#146;s Class&nbsp;A common
  stock has closed below the minimum $1.00 per share requirement for continued
  inclusion under Nasdaq Marketplace Rule&nbsp;4450 (the &#147;Bid Price Rule&#148;).&#160; This notice follows the previous notice (&#147;Previous
  Nasdaq Notice&#148;) received by the Company on April&nbsp;29, 2008, from the
  Listing Qualifications division of The Nasdaq Stock Market indicating that the
  Company&#146;s common stock is subject to potential delisting from The Nasdaq Global
  Market because the market value of the Company&#146;s common stock was below $50
  million for 10 consecutive business days, and, therefore, did not meet the
  requirement set forth in Nasdaq Marketplace Rule&nbsp;4450(b)(1)(A)&nbsp;(the &#147;Market
  Value Rule&#148;).&#160; The Previous Nasdaq Notice
  was the subject of the Company&#146;s filing on Form&nbsp;8-K filed on April&nbsp;30,
  2008 (the &#147;April&nbsp;30 Filing&#148;).</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Nasdaq notice indicated that, in
  accordance with Nasdaq Marketplace Rule&nbsp;4450(e)(2), the Company will be
  provided 180 calendar days, or until November&nbsp;3, 2008, to regain
  compliance.&#160;&#160; If, at anytime before November&nbsp;3,
  2008, the bid price of the Company&#146;s Class&nbsp;A common stock closes at $1.00
  per share or more for a minimum of 10 consecutive business days, Nasdaq staff
  will provide written notification that it has achieved compliance with the
  Rule.&#160; However, as reported in the April&nbsp;30
  Filing, the Previous Nasdaq Notice states that the Company will be provided a
  period of 30 calendar days, or until May&nbsp;29, 2008, to regain compliance
  with the Market Value Rule&nbsp;by having a market value of $50 million or more
  for the Company&#146;s common stock for a minimum of 10 consecutive business days
  (or such longer period of time as the Nasdaq staff may require in some
  circumstances).</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company does not regain compliance
  with the Market Value Rule&nbsp;by May&nbsp;29, 2008, the Nasdaq staff will
  provide written notification that the Company&#146;s securities will be delisted,
  and, if the Company regains compliance with the Market Value Rule&nbsp;by May&nbsp;29,
  2008, but, subsequently, does not regain compliance with the Bid Price Rule&nbsp;by
  November&nbsp;3, 2008, the Nasdaq staff will provide written notification that
  the securities will be delisted.&#160; At
  either time, the Company may appeal the determination to delist its securities
  to a Listing Qualifications Panel.&#160;
  Alternatively, the Company may consider applying to transfer its
  securities to The Nasdaq Capital Market if it satisfies the requirements for
  inclusion set forth in the Marketplace Rules, other than the minimum bid price
  requirement.&#160; If the Company submits an
  application to transfer its securities to The Nasdaq Capital Market and it is
  approved, the Company may be afforded the remainder of The Nasdaq Capital Market&#146;s
  180 calendar day compliance period in order to regain compliance with the Bid
  Price Rule&nbsp;while on The Nasdaq Capital Market.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company plans to exercise diligent
  efforts to maintain the listing of its common stock on The Nasdaq Global
  Market, but there is no assurance that it will be successful in doing so. If
  the Company does not resolve the listing deficiencies, the Company may apply
  for listing on The Nasdaq Capital Market.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A copy of the Company&#146;s press release
  announcing this information is attached to this report as Exhibit&nbsp;99.1 and
  is incorporated herein by reference.</font></p>
  
  <p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div align="left" style="margin:0in 0in 12.0pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\rmoralec\08-13595-1\task2917722\13595-1-ba.htm',USER='rmoralec',CD='May  6 10:18 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div style="font-family:Times New Roman;">
  
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></p>
  
  <p style="margin:0in 0in 12.0pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="9%" valign="top" style="padding:0in .7pt 0in .7pt;width:9.0%;">
    <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item
    9.01.</font></b></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.44%;">
    <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><u><font size="2" face="Times New Roman" style="font-size:1.0pt;"><font style="text-decoration:none;">&nbsp;</font></font></u></b></p>
    </td>
    <td width="86%" valign="top" style="padding:0in .7pt 0in .7pt;width:86.58%;">
    <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial
    Statements and Exhibits</font></u></b><font size="2" style="font-size:10.0pt;">.</font></p>
    </td>
   </tr>
  </table>
  
  <p align="left" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exhibits.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.1%;">
    <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;99.1</font></p>
    </td>
    <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.24%;">
    <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="86%" valign="top" style="padding:0in .7pt 0in .7pt;width:86.66%;">
    <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release of Wave,
    dated May&nbsp;5, 2008, regarding the receipt of the Nasdaq notification.</font></p>
    </td>
   </tr>
  </table>
  
  <p align="left" style="margin:0in 0in .0001pt 70.0pt;page-break-after:avoid;text-align:left;text-indent:-70.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
  <div align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\rmoralec\08-13595-1\task2917722\13595-1-ba.htm',USER='rmoralec',CD='May  6 10:18 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
  
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be signed
  on its behalf by the undersigned, hereunto duly authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="48%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:48.9%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WAVE SYSTEMS CORP.</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.22%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.68%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.22%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.68%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.22%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:45.68%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Gerard T. Feeney</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.22%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:45.68%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gerard Feeney</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.22%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.68%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.1%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.22%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.68%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
  </table>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated: May&nbsp;6, 2008</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  
  <div align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\rmoralec\08-13595-1\task2917722\13595-1-ba.htm',USER='rmoralec',CD='May  6 10:18 2008' -->
  
  
  <br clear="all" style="page-break-before:always;">
  
  
  <div>
  
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT INDEX</font></b></p>
  
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:12.46%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit&nbsp;No.</font></b></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.02%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
    </td>
    <td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:83.54%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
    </td>
   </tr>
   <tr>
    <td width="12%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:12.46%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;99.1</font></p>
    </td>
    <td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.02%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="83%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:83.54%;">
    <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release of Wave,
    dated May&nbsp;5, 2008, regarding the receipt of the Nasdaq notification.</font></p>
    </td>
   </tr>
  </table>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  
  <div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
  <!-- SEQ.=1,FOLIO='5',FILE='C:\JMS\rmoralec\08-13595-1\task2917722\13595-1-ba.htm',USER='rmoralec',CD='May  6 10:18 2008' -->
  
  
  </body>
  
  </html>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "a08-13595_18k.htm", "description": "8-K", "secsgml_size_bytes": 36889}]
metadata_filer: {"company-data": {"conformed-name": "WAVE SYSTEMS CORP", "cik": "0000919013", "assigned-sic": "3577", "irs-number": "133477246", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-24752", "film-number": "08806803"}, "business-address": {"street1": "480 PLEASANT ST", "city": "LEE", "state": "MA", "zip": "01238", "phone": "4132431600"}, "mail-address": {"street1": "480 PLEASANT STREET", "city": "LEE", "state": "MA", "zip": "01238"}}
text: UNITED STATES
  SECURITIES AND
  EXCHANGE
  COMMISSION
  WASHINGTON DC
  20549
  FORM
  8-K
  CURRENT
  REPORT
  Pursuant to Section 13 or 15(d) of the
  Securities Exchange Act of 1934
  Date of
  report (Date of earliest event reported)
  May 5, 2008
  WAVE SYSTEMS CORP.
  (Exact Name of Registrant as Specified in Charter)
  DELAWARE
  0-24752
  13-3477246
  (State or Other
    Jurisdiction of
  Incorporation)
  (Commission File
  Number)
  (IRS Employer
  Identification No.)
  480 Pleasant Street, Lee, Massachusetts 01238
  (Address of Principal Executive
  Offices) (ZIP Code)
  Registrant's telephone number, including area code
  (413) 243-1600
  Check the appropriate box below if the Form 8-K
  filing is intended to simultaneously satisfy the filing obligation of the
  registrant under any of the following provisions (see General Instruction A.2.
  below):
  o
  Written communications
  pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  o
  Soliciting material pursuant
  to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement communications
  pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b))
  o
  Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17
  CFR 240.13e-4(c))
  Item 3.01.
  Notice of Delisting or Failure to Satisfy a Continued Listing
    Rule or Standard;
  Transfer of Listing.
  On May 5, 2008, Wave Systems Corp. (the "Company")
  received notification from the Listing Qualifications division of The Nasdaq
  Stock Market indicating that the Company's Class A Common stock is subject
  to potential delisting from The Nasdaq Global Market because for the last 30
  consecutive business days, the bid price of the Company's Class A common
  stock has closed below the minimum $1.00 per share requirement for continued
  inclusion under Nasdaq Marketplace Rule 4450 (the "Bid Price Rule").  This notice follows the previous notice ("Previous
  Nasdaq Notice") received by the Company on April 29, 2008, from the
  Listing Qualifications division of The Nasdaq Stock Market indicating that the
  Company's common stock is subject to potential delisting from The Nasdaq Global
  Market because the market value of the Company's common stock was below $50
  million for 10 consecutive business days, and, therefore, did not meet the
  requirement set forth in Nasdaq Marketplace Rule 4450(b)(1)(A) (the "Market
  Value Rule").  The Previous Nasdaq Notice
  was the subject of the Company's filing on Form 8-K filed on April 30,
  2008 (the "April 30 Filing").
  The Nasdaq notice indicated that, in
  accordance with Nasdaq Marketplace Rule 4450(e)(2), the Company will be
  provided 180 calendar days, or until November 3, 2008, to regain
  compliance.   If, at anytime before November 3,
  2008, the bid price of the Company's Class A common stock closes at $1.00
  per share or more for a minimum of 10 consecutive business days, Nasdaq staff
  will provide written notification that it has achieved compliance with the
  Rule.  However, as reported in the April 30
  Filing, the Previous Nasdaq Notice states that the Company will be provided a
  period of 30 calendar days, or until May 29, 2008, to regain compliance
  with the Market Value Rule by having a market value of $50 million or more
  for the Company's common stock for a minimum of 10 consecutive business days
  (or such longer period of time as the Nasdaq staff may require in some
  circumstances).
  If the Company does not regain compliance
  with the Market Value Rule by May 29, 2008, the Nasdaq staff will
  provide written notification that the Company's securities will be delisted,
  and, if the Company regains compliance with the Market Value Rule by May 29,
  2008, but, subsequently, does not regain compliance with the Bid Price Rule by
  November 3, 2008, the Nasdaq staff will provide written notification that
  the securities will be delisted.  At
  either time, the Company may appeal the determination to delist its securities
  to a Listing Qualifications Panel. 
  Alternatively, the Company may consider applying to transfer its
  securities to The Nasdaq Capital Market if it satisfies the requirements for
  inclusion set forth in the Marketplace Rules, other than the minimum bid price
  requirement.  If the Company submits an
  application to transfer its securities to The Nasdaq Capital Market and it is
  approved, the Company may be afforded the remainder of The Nasdaq Capital Market's
  180 calendar day compliance period in order to regain compliance with the Bid
  Price Rule while on The Nasdaq Capital Market.
  The Company plans to exercise diligent
  efforts to maintain the listing of its common stock on The Nasdaq Global
  Market, but there is no assurance that it will be successful in doing so. If
  the Company does not resolve the listing deficiencies, the Company may apply
  for listing on The Nasdaq Capital Market.
  A copy of the Company's press release
  announcing this information is attached to this report as Exhibit 99.1 and
  is incorporated herein by reference.
  2
  Item
    9.01.
  Financial
    Statements and Exhibits
  .
  (d)           Exhibits.
  Exhibit 99.1
  Press Release of Wave,
    dated May 5, 2008, regarding the receipt of the Nasdaq notification.
  3
  SIGNATURES
  Pursuant to the requirements of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be signed
  on its behalf by the undersigned, hereunto duly authorized.
  WAVE SYSTEMS CORP.
  By:
  /s/ Gerard T. Feeney
  Gerard Feeney
  Chief Financial Officer
  Dated: May 6, 2008
  4
  EXHIBIT INDEX
  Exhibit No.
  Description
  Exhibit 99.1
  Press Release of Wave,
    dated May 5, 2008, regarding the receipt of the Nasdaq notification.
  5