Wherify locates cash

Wherify Wireless Inc. said it sold about $4.6 million of Series A Convertible Preferred Stock in an effort to create some financial breathing room.
The developer of location-based products and services said it will use the net cash proceeds of about $4 million for general working capital purposes and to re-launch its corporate strategy. The announcement comes on the heels of Wherify’s issuance of its 10 percent Senior Convertible Promissory Note, which generated $1.2 million.
“This capital infusion will allow Wherify’s management team to continue to provide innovative GPS-based location technologies, and allow the company to further refine its corporate strategy by launching new initiatives in this fast-growing marketplace,” said Director W. Douglas Hajjar.
Shares of the San Mateo, Calif.-based developer bounced 2 cents, or 11 percent, to 20 cents following the announcement. Wherify shares recently traded for as little as 12 cents a share, down dramatically from a 52-week high of $1.80.