Company sells common shares, five-year warrants in brokered offering
By Devika Patel
Knoxville, Tenn., March 13 - Wave Systems Corp. said it will raise $1 million in a private placement of stock through agent Dawson James Securities, Inc.
The company will sell 1,204,820 class A common shares at $0.83 per share, which is an 11.7% discount to the March 12 closing share price of $0.94.
Investors also will receive warrants for 602,410 shares. The warrants are each exercisable at $0.83 for five years. The strike price is also an 11.7% discount to the March 12 closing price.
Settlement is expected March 15.
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: | $1 million
|
| Shares: | 1,204,820
|
| Price: | $0.83
|
| Warrants: | For 602,410 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.83
|
| Agent: | Dawson James Securities, Inc.
|
| Pricing date: | March 13
|
| Settlement date: | March 15
|
| Stock symbol: | Nasdaq: WAVX
|
| Stock price: | $0.94 at close March 12
|
| Market capitalization: | $92.12 million
|
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