ImageWare raises $5M in common stock offering
ImageWare Systems is raising an estimated $5 million in gross funds in a registered direct common stock offering at a price of $1.10 per share, and intends to use the proceeds for general corporate purposes, according to a company announcement.
Institutional investors filed subscriptions for 4,545,455 shares of ImageWare’s common stock, after the company filed a shelf registration statement with the Securities and Exchange Commission (SEC) on June 28, 2018, which was declared effective on July 10. The company expects subscriptions to be accepted and the shares delivered on or around May 1, 2019.
The offering is being made only through a prospectus supplement forming a part of the Registration Statement, according to the announcement.
Shares of ImageWare have traded anywhere between $0.81 and $1.80 since the beginning of 2019, and closed Monday trading at $1.35.
ImageWare is transitioning to focus on mobile and cloud biometric offerings with a recurring revenue model, and CEO Jim Miller said in a recent revenue report that the company is “on a path toward profitability.” The company recently won a contract to provide its multi-modal biometric engine to a telecom with 30 million regional users.