By Laura Lutz
Des Moines, March 3 - Wave Systems Corp. announced a $3.49 million private placement of class A common stock.
The company said it has agreed to sell 3,173,500 shares at $1.10 apiece.
Investors will also receive five-year warrants for 952,050 class A common shares. The strike price is $1.15 per share.
Security Research Associates is the placement agent. The shares are being issued under a $25 million shelf registration.
Proceeds will be used to fund Wave's operations.
Wave is a Lee, Mass.-based developer of secure software.
| Issuer: | Wave Systems Corp.
|
| Issue: | Class A common stock
|
| Amount: | $3,490,850
|
| Shares: | 3,173,500
|
| Price: | $1.10
|
| Warrants: | For 952,050 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.15
|
| Agent: | Security Research Associates
|
| Pricing date: | March 3
|
| Stock symbol: | Nasdaq: WAVX
|
| Stock price: | $1.29 at close Feb. 29
|
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