ImageWare closes offering of convertible stock

ImageWare Systems, Inc. announced it has successfully completed its plan to issue 12,000 shares to pay off its debt.

ImageWare’s stock was issued at $1,000 per share, which earned gross proceeds of approximately $10 million, allowing it to completely pay off its debt.

The company said that it will use the remaining working capital to invest in research and development.

The shares were offered in a “registered direct offering conducted without an underwriter or placement agent,” said ImageWare.

Reported in November, ImageWare Systems borrowed a total of $1 million under its existing line of credit for working capital purposes.

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biometrics  |  ImageWare  |  stocks