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Sector Update: Tech Stocks Caught in Late Selloff; Wave Systems Tumbles Following $10 Mln Stock Offering

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Technology stocks hit a sharp skid this afternoon with shares of technology companies in the S&P 500 down almost 1.0% shortly before the closing bell.

In company news, Wave Systems Corp. ( WAVX ) declined Thursday after the data-security company said it sold nearly 5.23 million shares of its Class A common stock to investors at $1.90 apiece, a 11.2% discount to Wednesday's closing price.

The deal also included five-year warrants to purchase an additional 2.09 million shares, also at $1.90 per share. The offering is expected to close June 17.

Gross proceeds totaled $9.93 million, which the company expects to use for working capital and general corporate purposes after first paying underwriter discounts and other offering expenses.

WAVX shares were down nearly 21% at $1.69 each, or just 5 cents above its intra-day low. The stock has a 52-week range of 69 cents to $2.32 a share, slipping about 3.4% over the past 12 months.

In other sector news,

(+) LIVE, Reports 244% increase in website visits during the first week of a 35-city advertising campaign promoting over 10,000 meal specials at restaurants compared with the same seven-day period last month.

(-) VTSS, Prices offering of 7.46 mln shares of its common stock at $3.35 each, a 12.3% discount to Wednesday's closing price. Deal generates $25 mln in gross proceeds, which are tabbed for working capital and general corporate uses.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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