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Wave Systems Completes $9.9 Million Stock Offering at $1.90 per Share

LEE, MA -- (Marketwired) -- 06/17/14 -- Wave Systems Corp. (NASDAQ: WAVX) today announced the closing of its previously announced $9.9 million placement of common stock and warrants to a group of institutional investors. With the placement's completion, Wave's At-The-Market (ATM) share issuance program has effectively ended.

Wave's equity placement consisted of 5,225,560 shares of common stock priced $1.90 per share. Investors in the placement also received warrants to purchase up to 2,090,224 shares of Wave common stock for $1.90 per share. Gross offering proceeds were $9,928,564.

"One of my primary goals as CEO has been to put in place sufficient funding to execute our plans for Wave," said Wave CEO Bill Solms. "This placement puts Wave in a stronger position to advance our objectives and support efforts to expand our enterprise business."

Craig-Hallum Capital Group LLC acted as the exclusive placement agent for the offering.

This press release does not constitute an offer to sell or the solicitation of offers to buy any securities of the company, and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Wave Systems
Wave Systems Corp. reduces the complexity, cost and uncertainty of data protection by starting inside the device. Unlike other vendors who try to secure information by adding layers of software for security, Wave leverages the security capabilities built directly into endpoint computing platforms themselves. Wave has been a foremost expert on this growing trend, leading the way with first-to-market solutions and helping shape standards through its work as a board member for the Trusted Computing Group.

Safe Harbor for Forward-Looking Statements
This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Wave assumes no duty to and does not undertake to update forward-looking statements.

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Company:
Walter A. Shephard
CFO
413-243-1600
[email protected]

Investor Relations:
David Collins
Eric Lentini
Catalyst Global LLC
212-924-9800
[email protected]

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