BOCA RATON, Fla. – Today, Airspan Networks Holdings Inc. (NYSE:MIMO) ("Airspan"), a provider of ground-breaking, disruptive software and hardware for 5G networks and a pioneer in end-to-end Open RAN solutions, announced that it has entered into a new financing agreement with affiliates of Fortress Investment Group ("Fortress"). Under the agreement Airspan amended and restated the terms of its credit agreement with Fortress and certain other lenders to establish a new delayed draw term loan of $25 million. In connection with the amendment and restatement, Airspan agreed to issue the lenders new common stock warrants to purchase 5,912,040 shares of our common stock at an exercise price of $0.01 per share.

Airspan also modified the terms of its senior secured convertible notes to increase the principal amount to $52.5 million and increase the interest rate to 10%.

Airspan's Board also made certain changes to the Company’s senior management and Board of Directors. The Board appointed Glenn Laxdal, previously Airspan's President and COO, to serve as Chief Executive Officer, expanded Airspan's Board of Directors to ten directors, and appointed Mr. Laxdal to serve in the newly created Board position. Mr. Stonestrom will now serve as Airspan's Executive Chairman.

Read the full press release here.

Airspan