Wave Systems Corp. (NASDAQ:WAVX www.wave.com) today announced that it is selling to investors 2,587,824 shares of its Class A common stock at a price of $0.6425 per share, yielding gross proceeds of approximately $1,662,677. Investors in the offering will also receive three-year warrants to purchase an aggregate of 1,293,912 shares of Wave’s Class A common stock for $0.58 per share. The net proceeds of the financing will be used to fund Wave’s ongoing operations.
Security Research Associates acted as placement agent in connection with the offering. The shares and shares underlying the warrants in this offering are being issued under a $30 million shelf registration statement declared effective by the Securities and Exchange Commission on July 22, 2011. A prospectus supplement related to the public offering will be filed with the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Security Research Associates
Security Research Associates (SRA) was founded in San Francisco in 1980 and today offers both investment banking and institutional brokerage services. A boutique firm by design, SRA works with a select group of portfolio managers from around the country and focuses on technology and life science companies in the micro and small cap arenas. For more information, visit www.sracap.com.