New Issue: Wave negotiates $1.72 million direct placement of stock, warrants

By Devika Patel

Knoxville, Tenn., March 27 - Wave Systems Corp. announced in an 8-K filed with the Securities and Exchange Commission Tuesday that certain investors have committed to buy $1.72 million of Wave's common stock in a direct placement. The securities are being offered via an April 27 shelf registration.

The investors will buy 2,151,250 shares at $0.80 per share.

The investors also will receive warrants for 537,812 shares, exercisable at $0.85 for three years.

Security Research Associates, Inc. is the agent.

Wave Systems is a Lee, Mass., maker of hardware and software-based digital security products for computers.

Issuer:	Wave Systems Corp.
Issue:	Common stock, warrant
Amount:	$1,721,000
Shares:	2,151,250
Price:	$0.80
Warrants:	For 537,812 shares
Warrant expiration:	Three years
Warrant strike price:	$0.85
Agent:	Security Research Associates, Inc.
Pricing date:	May 27
Stock symbol:	Nasdaq: WAVX
Stock price:	$0.81 at close May 23

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