Company sells common shares, five-year warrants in brokered offering
By Devika Patel
Knoxville, Tenn., Jan. 27 – Wave Systems Corp. said it will raise $3.58 million in a public offering of stock through agent Security Research Associates.
The company will sell 5,513,044 class A common shares at $0.65 per share, which is an 8.45% discount to the Jan. 26 closing share price of $0.71.
Investors also will receive warrants for 2,205,216 shares. The warrants are each exercisable at $0.70 for five years. The strike price is a 1.41% discount to the Jan. 26 closing price.
Wave Systems is a Lee, Mass., maker of hardware and software-based digital security products for computers.
| Issuer: | Wave Systems Corp.
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| Issue: | Class A common stock
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| Amount: | $3,583,479
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| Shares: | 5,513,044
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| Price: | $0.65
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| Warrants: | For 2,205,216 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.70
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| Agent: | Security Research Associates
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| Pricing date: | Jan. 27
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| Stock symbol: | Nasdaq: WAVX
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| Stock price: | $0.71 at close Jan. 26
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| Market capitalization: | $28.92 million
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