Published on 9/2/2009 in the Prospect News PIPE Daily.
New Issue: Airspan Networks wraps $10 million placement of convertible preferreds
By Devika Patel
Knoxville, Tenn., Sept. 2 - Airspan Networks Inc. said it settled a $10 million private placement of series C convertible preferred stock with Oak Investment Partners XI, Ltd. Partnership.
Each of the 1.25 million preferreds will initially be convertible into 100 common shares.
Airspan is a supplier of broadband wireless equipment based in Boca Raton, Fla.
| Issuer: | Airspan Networks Inc.
|
| Issue: | Series C convertible preferred stock
|
| Amount: | $10 million
|
| Shares: | 1.25 million
|
| Conversion ratio: | Into 100 shares
|
| Warrants: | No
|
| Investor: | Oak Investment Partners XI, Limited Partnership
|
| Settlement date: | Sept. 2
|
| Stock symbol: | Pink Sheets: AIRN
|
| Stock price: | $0.08 at close Sept. 1
|
| Market capitalization: | $5.26
|
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