Lazard, Rodman & Renshaw assist; deal also has $5.4 million greenshoe
By Devika Patel
Knoxville, Tenn., July 15 - Towerstream Corp. said it priced a $36 million registered public offering of stock. The deal was announced Thursday and has a $5.4 million greenshoe.
The company will sell 9 million common shares. The price per share of $4.00 is a 2.44% discount to $4.10, the July 14 closing share price.
Settlement is expected July 20.
Lazard Capital Markets LLC and Rodman & Renshaw, LLC are the joint bookrunning managers, and Merriman Capital, Inc. is the co-manager.
Proceeds will be used for the deployment and expansion of the company's Wi-Fi network, potential acquisitions, organic expansion in existing and new markets, and general corporate purposes.
Based in Middletown, R.I., Towerstream provides broadband services.
| Issuer: | Towerstream Corp.
|
| Issue: | Common stock
|
| Amount: | $36 million
|
| Greenshoe: | $5.4 million
|
| Shares: | 9 million
|
| Price: | $4.00
|
| Warrants: | No
|
| Bookrunners: | Lazard Capital Markets LLC and Rodman & Renshaw, LLC
|
| Announcement date: | July 14
|
| Pricing date: | July 15
|
| Settlement date: | July 20
|
| Stock symbol: | Nasdaq: TWER
|
| Stock price: | $4.10 at close July 14
|
| Market capitalization: | $184.57 million
|
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