Towerstream plans $24.5 million of stock, convertible preferreds

By Susanna Moon

Chicago, Oct. 27 – Towerstream Corp. plans to price $24.5 million of class A units of stock and warrants and class B units consisting of series 1 convertible preferreds and warrants.

The deal includes a 45-day over-allotment option for another 15% or 757,732 additional shares, according to an S-1/A filing with the Securities and Exchange Commission.

Joseph Gunnar & Co. is the bookrunner.

Specifically, the issuer is offering up to 5,051,547 units assuming a public offering price of $4.85, which was the closing price of the company’s common stock on the OTCBB on Oct. 24.

The warrants included in the class A units are exercisable for five years at an exercise price of 125% of the public offering price.

Proceeds will be used for general corporate purposes and working capital.

Towerstream provides broadband services and is based in Middletown, R.I.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.