Unsecured bridge instrument was sold with 1,225,000 warrants
By Devika Patel
Knoxville, Tenn., Sept. 29 – Wave Systems Corp. sold a $490,000 convertible unsecured bridge instrument that requires a $588,000 repayment on Sept. 23, according to an 8-K filed Tuesday with the Securities and Exchange Commission. Security Research Associates was the agent.
The convertibles mature on Dec. 24, 2015 and may be converted into common shares at a rate equal to the lesser of $0.168 and 80% of the volume weighted average price of the stock for the five trading days preceding conversion.
Investors also received warrants for 1,225,000 shares, with each five-year warrant exercisable at $0.18. The strike price is a 14.29% discount to the Sept. 22 closing share price of $0.21.
Wave Systems is a Lee, Mass., maker of hardware and software-based digital security products for computers.
| Issuer: | Wave Systems Corp.
|
| Issue: | Convertible unsecured bridge instrument
|
| Amount: | $588,000
|
| Maturity: | Dec. 24, 2015
|
| Price: | $490,000
|
| Conversion price: | The lesser of $0.168 and 80% of the volume weighted average price of the stock for the five trading days preceding conversion
|
| Warrants: | For 1,225,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.18
|
| Agent: | Security Research Associates
|
| Settlement date: | Sept. 23
|
| Stock symbol: | Nasdaq: WAVX
|
| Stock price: | $0.21 at close Sept. 22
|
| Market capitalization: | $10.19 million
|
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