Investors also get five-year warrants for 3.17 million shares
By Devika Patel
Knoxville, Tenn., April 24 - Wave Systems Corp. said it arranged a $3.17 million registered direct offering of stock. H.C. Wainwright & Co., LLC is the lead agent, and Dawson James Securities, Inc. is co-placement agent.
The company will sell 6.34 million class A common shares at $0.50 per share, which is a 19.36% discount to the April 23 closing share price of $0.62.
The investors will also receive warrants for 3.17 million shares, which are each exercisable at $0.62 for five years. The strike price is identical to the April 23 closing share price.
Settlement is expected April 26.
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: | $3.17 million
|
| Shares: | 6.34 million
|
| Price: | $0.50
|
| Warrants: | For 3.17 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.62
|
| Agents: | H.C. Wainwright & Co., LLC (lead), Dawson James Securities, Inc. (co-placement agent)
|
| Pricing date: | April 24
|
| Settlement date: | April 26
|
| Stock symbol: | Nasdaq: WAVX
|
| Stock price: | $0.62 at close April 23
|
| Market capitalization: | $48.32 million
|
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