WaveDancer (WAVD) Announces $1.875 million Equity Financing

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.”

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