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ImageWare closes registered direct offering with $6.5M gross and announces investor update May 9

ImageWare closes registered direct offering with $6.5M gross and announces investor update May 9
 

ImageWare Systems has announced that its registered direct offering has raised gross proceeds of approximately $6.55 million.

The offering, which ImageWare originally estimated would raise $5 million in gross funds, closed with 5,954,545 common shares sold at $1.10 per share. Net proceeds to ImageWare after expenses from the transaction are approximately $6.125 million.

The company also announced that it will file its quarterly earnings report for Q1 2019 on May 9, with an investor update conference call the same day at 1:30pm PT. Management will discuss both the company’s direct and partner sales efforts.

A replay of the recorded call will be available for 90 days on the company’s website.

In its full-year 2018 earnings report, ImageWare reported a modest 2.6 percent increase in revenue as the company shifts to a recurring revenue model based on cloud and mobile biometric products.

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