15 million shares sold at $0.152 with warrants for 15 million shares
By Devika Patel
Knoxville, Tenn., June 20 – Towerstream Corp. said it has arranged a $2.28 million registered direct offering of stock.
The company will sell 15 million common shares at $0.152 apiece. The price per share is a 24% discount to the June 17 closing share price, $0.20.
The investors also will receive five-year warrants for 15 million shares, which are exercisable at $0.25, a 20% premium to the June 17 closing share price.
Settlement was expected Monday.
Based in Middletown, R.I., Towerstream provides broadband services.
| Issuer: | Towerstream Corp.
|
| Issue: | Common stock
|
| Amount: | $2.28 million
|
| Shares: | 15 million
|
| Price: | $0.152
|
| Warrants: | For 15 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.25
|
| Announcement date: | June 20
|
| Settlement date: | June 20
|
| Stock symbol: | Nasdaq: TWER
|
| Stock price: | $0.20 at close June 17
|
| Market capitalization: | $10.45 million
|
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