Lazard Capital assists with sale; deal funds general working capital
By Devika Patel
Knoxville, Tenn., Jan. 31 - Towerstream Corp. said it priced a $30 million public offering of stock with a $4.5 million greenshoe. The deal was announced Wednesday.
The company will sell 10 million common shares at $3.00 per share. The price per share is a 5.36% discount to the Jan. 30 closing share price of $3.17.
Lazard Capital Markets is the sole bookrunning manager.
Settlement is expected Feb. 5.
Proceeds will be used for general working capital.
Based in Middletown, R.I., Towerstream provides broadband services.
Issuer: | Towerstream Corp.
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Issue: | Common stock
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Amount: | $30 milllion
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Greenshoe: | $4.5 million
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Shares: | 10 million
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Price: | $3.00
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Warrants: | No
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Bookrunner: | Lazard Capital Markets LLC
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Co-managers: | Canaccord Genuity Inc. and D.A. Davidson & Co.
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Announcement date: | Jan. 30
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Pricing date: | Jan. 31
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Settlement date: | Feb. 5
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Stock symbol: | Nasdaq: TWER
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Stock price: | $3.17 at close Jan. 30
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Market capitalization: | $156.83 million
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