WaveDancer Announces $1.875 million Equity Financing
16 August 2022 - 11:00PM
WaveDancer (NASDAQ: WAVD) announced today that it sold
approximately 1,562,500 shares of its common stock at a price of
$1.20 per share, in a private investment in public equity (PIPE)
financing.
The Company estimates net proceeds from the PIPE
will be approximately $1.875 million, after deducting attorney’s
fees and other expenses. No commissions were paid in connection
with this financing, which was led by the Company’s Chairman and
CEO, Mr. Jamie Benoit, with participation from existing investors,
Company executives, and members of the WaveDancer Board of
Directors.
“We originally planned to raise this capital as
part of our intended acquisition of Knowmadics but given the
substantial change in market conditions since 2021, closing on the
negotiated terms was impossible. Raising funds through this PIPE
saves us time and money and allows us to act quickly. We’re
thrilled with the response we received from members of the
management team and our Board of Directors, underscoring the
collective belief we have in the potential of WaveDancer. This
capital will assist us with mid-term growth opportunities to
achieve profitability, particularly within our professional
services division,” stated WaveDancer CEO, Jamie Benoit.
“We are likewise in the process of evaluating
acquisition opportunities that will be immediately accretive,” Mr.
Benoit added. “We understand that in today’s environment,
profitability must accompany growth and we are refocusing our
strategic efforts to meet the market’s expectations. I continue to
be extremely excited about our future and our ability to be very
disruptive in the blockchain and zero trust markets.”
About WaveDancerWaveDancer
(www.wavedancer.com), headquartered in Fairfax, Virginia, is a
provider of zero trust software solutions, specializing in secure
blockchain supply chain management (SCM), asset tracking, and
security. Initially developed to secure a complex international
supply chain for a global U.S. Government (USG) national security
organization, the technology has matured to address multiple
operational capabilities. Customers are using the WaveDancer
platform to gain unprecedented levels of accountability,
auditability, and predictability from their data, while giving
insights to their partners and suppliers through a controlled,
distributed ledger that is immutable and can be trusted by all
parties. The sophisticated blockchain technology is now available
to the entirety of the USG through GovCloud.
Additional information for
investors This release may contain forward-looking
statements regarding the Company's business, customer prospects, or
other factors that may affect future earnings or financial results.
Such statements involve risks and uncertainties which could cause
actual results to vary materially from those expressed in the
forward-looking statements. Investors should read and understand
the risk factors detailed in the Company's 10-K for the fiscal year
ended December 31, 2021 and in other filings with the Securities
and Exchange Commission.
For additional information contact:Jeremy
Hellman, CFAVice PresidentThe Equity Group(212)
836-9626jhellman@equityny.com
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