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Print Edition StoriesTuesday, March 17, 2009
Wave Systems has $430k stock sale
By Mass High Tech staff
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Data security developer Wave Systems Corp. has put $431,750 worth of its common stock for sale, in order to fund company operations. The stock sale breaks down to 785,000 shares at 55 cents per share.
The company will also offer three-year warrants to buy 392,500 shares of Wave common stock at 55 cents per share. A $25 million shelf registration statement with the U.S. Securities and Exchange Commission is supporting both the stock and warrants offering.
Wave Systems develop client and server-based data security products. In December, it cut 12 employees from its majority-owned subsidiary WaveXpress, leaving just two or three people to staff the TVTonic consumer media service provider.
Founded as Indata Corp. in 1988, Wave announced in September it had raised $211,200 by selling 48 shares of 8 percent Series I convertible preferred stock for $4,400 per share. The news came about two weeks after Wave announced plans to sell 172 shares to generate $756,800. The company said the proceeds would help fund the company’s ongoing operations.
Wave Systems completed an initial public offering in 1999.
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