Investors get five-year warrants for 1,662,375 class A common shares
By Devika Patel
Knoxville, Tenn., Oct. 19 - Wave Systems Corp. said it arranged a $3.33 million registered direct offering of stock. Dawson James Securities, Inc. is the agent.
The company will sell 3,324,750 class A common shares $1.0025 per share, which is a 6.65% premium to the Oct. 18 closing share price of $0.94.
The investors will also receive warrants for 1,662,375 shares, which are each exercisable at $0.94 for five years. The strike price is identical to the Oct. 18 closing share price.
Settlement is expected Oct. 23.
Proceeds will be used for operations.
Wave Systems is a Lee, Mass., maker of hardware and software-based digital security products for computers.
| Issuer: | Wave Systems Corp.
|
| Issue: | Class A common stock
|
| Amount: | $3,333,062
|
| Shares: | 3,324,750
|
| Price: | $1.0025
|
| Warrants: | For 1,662,375 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.94
|
| Agent: | Dawson James Securities, Inc.
|
| Pricing date: | Oct. 19
|
| Settlement date: | Oct. 23
|
| Stock symbol: | Nasdaq: WAVX
|
| Stock price: | $0.94 at close Oct. 18
|
| Market capitalization: | $82.09 million
|
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