ImageWare closes $11.56 million private placement
16 November 2020 16:29 GMT

ImageWare Systems, a leader in biometric identification and authentication, today announced that it has closed a $11.56 million private placement of Series D Convertible Preferred Stock.

The company also announced the simultaneous restructuring of certain of its outstanding Preferred Stock and its Board of Directors, leaving Kristin A. Taylor , President and CEO, on the Board and appointing James (Jim) M. Demitrieus and Benjamin (Ben) Smeal effective immediately. Taylor has also been appointed Chair of the Board.

Kristin A. Taylor , Chair, President and CEO, said, "With the closing of this financing, my enthusiasm and optimism have reached new heights. "

This financing was anchored by funds and accounts managed by Nantahala Capital Management, LLC, based in New Canaan, Connecticut . It also included participants comprised of institutional investors and existing accredited investors. 

Proceeds from the financing will be used for general corporate and working capital purposes.

 

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