By Sheri Kasprzak
New York, May 4 - Wave Systems Corp. is gearing up to settle a $4.83 million direct placement.
The company plans to sell 6,037,500 class A shares at $0.80 each to institutional investors. The shares were priced at a slight discount to the company's May 2 closing stock price of $0.82.
The shares are being sold under the company's shelf registration.
The deal is slated to close on Friday.
Security Research Associates was the placement agent.
Proceeds from the offering will be used for ongoing operations and the transition from a development-stage company to commercial operations.
Based in Lee, Mass., Wave Systems is a software company focused on security programs for governments and corporations.
| Issuer: | Wave Systems Corp.
|
| Issue: | Class A stock
|
| Amount: | $4.83 million
|
| Shares: | 6,037,500
|
| Price: | $0.80
|
| Warrants: | No
|
| Placement agent: | Security Research Associates
|
| Announcement date: | May 4
|
| Settlement date: | May 5
|
| Stock symbol: | Nasdaq: WAVX
|
| Stock price: | $0.85 at close May 3
|
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