Towerstream expects $36M from stock offering
Posted on July 16th, 2011
MIDDLETOWN – 4G service provider Towerstream (Nasdaq: TWER) said that it is holding a stock offering expected to gross $36 million in order to expand its Wi-Fi network, among other purposes.
The offering of 9 million shares of its common stock is priced at $4 per share, the company said on Friday. The sale is slated to close on or around July 20.
Towerstream will use the proceeds for the deployment and expansion of its Wi-Fi network, potential acquisitions, organic expansion in existing and new markets, and general corporate purposes, it said.
Towerstream has granted the underwriters a 45-day option to purchase an additional 1,350,000 shares of common stock to cover any over allotments.
The expected $36 million is before deducting underwriting discounts and commissions and other estimated offering expense.
Lazard Capital Markets LLC and Rodman & Renshaw LLC are the joint book-running managers and Merriman Capital is the co-manager for the offering.
In June 2007, Towerstream made a stock offering of 10 million shares at $4 each.
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Tags: Offering, Stock Offering
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