Armory Securities, LLC Announces the Successful Sale of all of Wave Computing, Inc. via §363 Auction Under the U.S. Bankruptcy Code

Armory Securities, LLC is pleased to announce the successful sale of all of Wave Computing, Inc. via §363 auction under the U.S. Bankruptcy code. Armory served as exclusive financial advisor to Wave Computing, Inc. for the transaction.

Founded in 2010, Wave Computing, Inc. (“Wave”), is a California-based private, independent technology company engaged in the licensing, development and sale of technology and services based on its microprocessor core architecture intellectual property that operates computer chip central processing unit (CPU) cores used in some of the world’s most popular products.

After filing for Chapter 11 Bankruptcy protection in April 2020 to restructure its liabilities, Armory was engaged as Investment Banker and undertook an extensive marketing process for Wave’s key operating assets and intellectual property. As a result of the subsequent §363 auction held on December 21, 2020, Tallwood Technology Partners, LLC (“Tallwood”) emerged as the successful bidder for Wave with an improved Chapter 11 restructuring bid valued at approximately $61 million that provided substantial recovery to the Company’s stakeholders, and allowed Wave to refocus its business around the continued commercialization of their MIPS and RISC architectures to position itself for future growth. On March 26, 2021, the Chapter 11 plan of reorganization became effective and the transaction was consummated.

For information on this transaction or about Armory Securities, please contact one of the following deal team members:

Nick Tell
Senior Managing Director
ntell@armorysecurities.com
310.220.6403

Sandy Prabhakar
Managing Director
sprabhakar@armorysecurities.com
312-622-8943

Michael Uyemura
Vice President
muyemura@armorysecurities.com
972-591-7793