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Private placement of $18.9 million stated value of the Series B convertible preferred stock and common stock purchase warrants
November 8, 2005
HERNDON, Va. -- GigaBeam Corporation (OTCBB-GGBM) announces today the private placement of $18.9 million stated value of the Company's Series B convertible preferred stock and common stock purchase warrants to purchase approximately 1,302,200 shares of common stock for an aggregate purchase price of $18.9 million to a limited number of institutional investors. The conversion price of the preferred stock and the exercise price of the warrants are approximately $7.62 and $7.98 respectively.
GigaBeam WiFiber operates in the 71-76 GHz and 81-86 GHz radio spectrum bands. This portion of the radio frequency spectrum has been authorized by the Federal Communications Commission for wireless point-to-point commercial use. Use of these frequency bands for commercial use was pioneered by GigaBeam's founders.
GigaBeam's technology, utilizing these large blocks of authorized contiguous spectrum, enable multi Gigabit-per-second wireless communications through use of Gigabit Ethernet protocols. The current speed achieved by GigaBeam's WiFiber 2 and anticipated WiFiber G Series product lines is one Gigabit-per-second - equivalent to 647 T1 lines or 1,000 DSL connections. GigaBeam also plans deployment of future products capable of 10 Gigabits-per-second which is the 10 Gigabit Ethernet protocol standard.
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