Manager Roth Capital Partners helps raise proceeds for working capital
By Devika Patel
Knoxville, Tenn., May 27 – Wave Systems Corp. said the underwriters for its public offering of units opted to exercise the deal’s $711,750 greenshoe in full, lifting total proceeds of the offering to $5.46 million. The deal was announced May 20 and priced for $4.75 million with the greenshoe on May 21.
The company sold 8,395,000 units of one class A common share and a half-share warrant at $0.65 per unit, with each whole warrant exercisable at $0.81 for five years. The strike price is a 1.22% discount to the May 20 closing share price of $0.82.
Of the units, 1,095,000 were part of the fully exercised greenshoe.
Roth Capital Partners was the manager.
Proceeds will be used for working capital.
Wave Systems is a Lee, Mass., maker of hardware and software-based digital security products for computers.
| Issuer: | Wave Systems Corp.
|
| Issue: | Units of one class A common share and a half-share warrant
|
| Amount: | $5,456,750, including $711,750 greenshoe of 1,095,000 units
|
| Units: | 8,395,000
|
| Price: | $0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.81
|
| Manager: | Roth Capital Partners
|
| Announcement date: | May 20
|
| Pricing date: | May 21
|
| Settlement date: | May 27
|
| Stock symbol: | Nasdaq: WAVX
|
| Stock price: | $0.82 at close May 20
|
| Market capitalization: | $34.49 million
|
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