By Sheri Kasprzak
New York, June 6 - Towerstream Corp. plans to close a $40 million direct placement of stock.
A group of investors agreed to buy 10 million shares in the offering.
The shares will be sold under the company's shelf registration.
Lazard Capital Markets LLC was the lead agent for the offering, and Canaccord Adams Inc. and Morgan Joseph & Co. Inc. were the co-agents.
The deal is set to close on June 11.
Proceeds will be used to build out the company's target markets.
Towerstream, based in Middletown, R.I., is a fixed wireless service provider.
| Issuer: | Towerstream Corp.
|
| Issue: | Stock
|
| Amount: | $40 million
|
| Shares: | 10 million
|
| Price: | $4.00
|
| Warrants: | No
|
| Placement agents: | Lazard Capital Markets LLC (lead), Canaccord Adams Inc., Morgan Joseph & Co. Inc.
|
| Pricing date: | June 5
|
| Settlement date: | June 11
|
| Stock symbol: | Nasdaq: TWER
|
| Stock price: | $5.87 at close June 5
|
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