No matter what industry a business is in, having financial savvy can be the difference in closing down or substantial growth. A certain biometric identification and authentication company is proving that as it made headlines this morning.
ImageWare Systems, Inc. (OTCQB:IWSY) announced today that it closed a $2,187,000 senior secured bridge loan, representing an advance against investor commitments to purchase almost $11 million in Series D convertible Preferred Stock.
Kristin Taylor, President and CEO of ImageWare stated "this strategic financing, anchored by funds and accounts managed by Nantahala Capital Management, LLC, supports ImageWare's plan for substantial growth."
This financing, paired with the elimination of legacy products that were not generating revenue, is thought to increase efficiency and pave the way for potential growth as the company moves forward.
Traders seemed to welcome the news this morning, as shares traded up to $.128/share (+24.2%) in early trade. This move comes after the stock found support from its 10-day simple moving average (SMA) yesterday, crossing over its 50-day SMA intraday. Coming off near all-time lows made back in the 2008 financial crisis, this move is a breath of fresh air for shareholders.
