Issuance of Common Stock

3 Months Ended

Mar. 31, 2013

Issuance of Common Stock

Issuance of Common Stock

9.             Issuance of Common Stock

On March 13, 2013, Wave entered into agreements with certain institutional investors for a private placement of 1,204,820 shares of its Class A Common Stock at a price of $0.83 per share, yielding gross proceeds of $1,000,000.  Wave agreed to pay the placement agent a fee equal to 6% of the gross proceeds of this offering. Wave realized approximately $910,000 in net proceeds after deducting the placement agent fees of $60,000 and additional legal and other fees associated with the issuance of these securities totaling approximately $30,000.  Wave also issued warrants to the subscribers to purchase 602,410 shares of Class A common stock at an exercise price of $0.83 per share.  These warrants expire in October 2018.

During the three-month period ended March 31, 2013, Wave received net proceeds of $262,945 after deducting offering costs of approximately $8,700, in connection with the issuance of 379,950 shares of Class A Common Stock in its at the market offerings through MLV.  The shares were sold at prices ranging from $0.70 - $0.73 per share.

During the three-month period ended March 31, 2013, Wave received gross proceeds of $42,039 in connection with the issuance of 51,933 shares of Class A Common Stock upon the exercise of employee stock options.  The employee stock options were exercised at $0.81 per share.

During the three-month period ended March 31, 2012, Wave received net proceeds of $2,359,382 after deducting offering costs of approximately $75,000,  in connection with the issuance of 1,114,241 shares of Class A Common Stock in its at the market offerings through MLV.  The shares were sold at prices ranging from $2.10 - $2.28 per share.

During the three-month period ended March 31, 2012, Wave received gross proceeds of $118,250 in connection with the issuance of 215,000 shares of Class A Common Stock upon the exercise of warrants that were granted to investors as part of Wave’s March and April 2009 financings.  The warrants were exercised at $0.55 per share.

During the three-month period ended March 31, 2012, 13,299 shares of Class A Common Stock were issued to SRA upon the cashless exercise of warrants that were granted to this placement agent as part of Wave’s March 2009 financing.  The warrants were exercised at $0.55 per share.

During the three-month period ended March 31, 2012, Wave received gross proceeds of $60,552 in connection with the issuance of 65,432 shares of Class A Common Stock upon the exercise of employee stock options.  The employee stock options were exercised at exercise prices ranging from $0.81 - $1.95 per share.