Archer, Here's the story to which the S-3A pertains:
PHOENIX--(BUSINESS WIRE)--Jan. 12, 1999--WavePhore Inc., (NASDAQ:WAVO), the leading new media content integrator and architect of digital delivery systems, Tuesday announced it has raised $7.5 million from the sale of its common shares to a present Institutional Shareholder.
The Common Shares were sold at a premium to the closing sale price of the company's common shares.
"By placing these common shares, WavePhore has eliminated any near term financing issue. This additional funding, when added to our existing cash position, will be used for working capital and general corporate purposes, and should fund our existing operations beyond 1999," said David E. Deeds, chairman, president and chief executive officer of Wavephore Inc.
"This institutional holder is a long-term shareholder and we are pleased they approached us about an additional investment."
As part of the agreement, WavePhore provided a warrant to the institutional investor to purchase 250,000 common shares of the company at $10.66 per share. In addition, the company at its option, may sell additional common shares to the investor during the next 90 days at a premium to the then prevailing market price and receive an additional $7.5 million in proceeds.
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