ImageWare Raises $5M Through Direct Share Offering

“In a statement announcing the capital raise, ImageWare said it would use the net proceeds for general corporate purposes.'”

ImageWare has raised about $5.0 million through a share offering, the company has announced.

It was a direct offering of 4,545,455 shares of common stock that saw subscriptions from institutional investors, at a price of $1.10 per share. ImageWare says it plans to accept the subscriptions and deliver the share on May 1st.

In a statement announcing the capital raise, ImageWare said it would use the net proceeds “for general corporate purposes.”

The maneuver comes after ImageWare raised $8.9 million in a private placement last September, at which time lenders also converted $6.9 million of ImageWare’s debt into 6,897 shares of Series A Convertible Preferred Stock.

The development also arrives about a month after ImageWare’s year-end corporate update, in which the biometric authentication solutions provider outlined growth in revenues as well as a higher net loss year over year. CEO Jim Miller asserted in the update that ImageWare was transitioning to a new business model based on recurring revenues and new cloud-based and mobile products, with institutional investors evidently signalling their faith in the firm through this latest stock offering.

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April 30, 2019 – by Alex Perala