NextWave Raises $355M
The private placement includes investments of $50 million each from NextWave Wireless Chairman and CEO, Allen Salmasi, and from Douglas Manchester, a member of the NextWave Wireless board of directors. Under the terms of the transaction, investors may convert their preferred stock to NextWave Wireless common stock at a conversion price of $11.05 per share.
“These investments, by both new and existing investors, are a concrete expression of confidence in the future of NextWave Wireless,” said Allen Salmasi, Chairman and CEO of NextWave Wireless. “We intend to use the proceeds from this transaction to accelerate the commercialization of our next-generation family of multi-band, integrated WiMAX and Wi-Fi semiconductor products and network components, and to support strategic initiatives to further strengthen our position in the wireless broadband industry.”
NextWave Wireless Inc. (Nasdaq: WAVE)