Wave to Raise $3.3 Million in Registered Direct Offering

Wave Systems

today announced that it has entered into agreements with certain institutional investors for a registered direct placement of approximately 3,324,750 shares of its Class A common stock at a price of $1.0025 per share, yielding gross proceeds of $3,333,062. Additionally, investors in the offering will receive five-year warrants to purchase an aggregate of 1,662,375 shares of Wave's Class A common stock for $0.94 per share. The net proceeds of the financing will be used to fund Wave's ongoing operations. The offering is expected to close on or about October 23, 2012, subject to the satisfaction of customary closing conditions. Dawson James Securities, Inc. acted as exclusive placement agent in connection with the offering.