Friday, April 10, 2009

Wave Systems seeks $1M in stock sale

By Mass High Tech staff

Data security developer Wave Systems Corp. has announced the sale of 1.9 million shares of common stock, valued at a total of $1 million. Proceeds from the sale will help fund company operations.

The stock sale is the second such offering in the last 25 days. The company had previously announced a $431,750 stock offering in March, when it reported a sale of 785,000 stock shares at 55 cents per share.

The current stock offering will give investors three-year warrants to buy 940,568 shares of Wave stock at 55 cents per share.

Security Research Associates served as placement agent for the offering, which was issued under a $25 million shelf registration previously filed with the U.S. Securities and Exchange Commission.

Wave Systems was founded as Indata Corp. in 1988. The company completed its initial public offering in 1999. The company announced last fall that it planned to sell 172 shares of common stock to bring in $756,800. It also raised $211,200 through a sale of eight shares of stock for $4,400 per share.

Wave Systems develop client and server-based data security products.