Friday, July 17, 2009

Wave Systems plans $3.2M stock offering

By Galen Moore

Wave Systems Corp. (Nasdaq: WAVX) announced today the company plans to raise $3.2 million by selling 3.4 million shares of its Class A common stock at a price of $0.92 per share. Investors will also receive a five-year warrant to purchase an aggregate of 1.7 million shares at $1.16 per share.

The Lee-based security software maker plans to use the proceeds to fund ongoing operations.

The offering follows an April sale of 1.9 million shares of common stock, valued at 55 cents per share for a total of $1 million, and a March sale of 785,000 shares, also valued at 55 cents a share, for a total of $431,750.

Wave Systems stock was trading around 90 cents a share this afternoon, down from this morning’s open at $1.02 per share.

Roth Capital Partners acted as placement agent in connection with the offering. The shares and the shares underlying the warrants in this offering are being issued under a $25 million shelf registration statement declared effective by the Securities and Exchange Commission on June 23, 2008, the company stated in a press release today. A prospectus supplement related to the public offering will be filed with the SEC.