Wave Systems, a leading programmer of dependable computing solutions and services, has announced that it has agreed to sell 3,173,500 shares of its Class A common stock at the price of $1.10 per share, giving gross total amount derived of approximately $3.5 million. Five-year warrants will be given to private placement investors to purchase a collection of 952,050 shares of Wave’s Class A Common Stock for $1.15 per share. Approximately $3.3 million (net proceeds of the financing) will be used to fund Wave Systems ongoing operations.

CEO of Wave Systems, Steven Sprague said, “The need for hardware security solutions to protect the enterprise continues to grow. Wave provides enterprise software solutions to manage and utilize the Trusted Platform Module (TPM) and Hardware Full disk Encryption. Our active development, sales, marketing and customer support activities during these early stages of the market require Wave to raise equity capital to fund these initiatives. We are pleased to have secured this funding and we appreciate the support of our investors.”

In connection with the offering, Security Research Associates acted as the placement agent. The offering (shares and shares underlying warrants) are being issued under a $25 million shelf registration statement. A prospectus supplement related to the public offering will be filed with the Securities and Exchange Commission.

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