Company sells stock, warrants via Craig-Hallum to fund working capital
By Devika Patel
Knoxville, Tenn., June 12 – Wave Systems Corp. said it will raise $9.93 million in a private placement of stock. Craig-Hallum Capital Group LLC is the agent.
The company will sell 5,225,560 common shares at $1.90 per share, which is an 11.22% discount to the June 11 closing share price of $2.14.
Investors also will receive warrants for 2,090,224 shares. The warrants are each exercisable at $1.90 for five years. The strike price is also an 11.22% discount to the June 11 closing price.
Settlement is expected June 17.
Proceeds will be used for working capital and general corporate purposes.
Wave Systems is a Lee, Mass., maker of hardware and software-based digital security products for computers.
| Issuer: | Wave Systems Corp.
|
| Issue: | Common stock
|
| Amount: | $9,928,564
|
| Shares: | 5,225,560
|
| Price: | $1.90
|
| Warrants: | For 2,090,224 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.90
|
| Agent: | Craig-Hallum Capital Group LLC
|
| Pricing date: | June 12
|
| Settlement date: | June 17
|
| Stock symbol: | Nasdaq: WAVX
|
| Stock price: | $2.14 at close June 11
|
| Market capitalization: | $69.21 million
|
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