Airspan Networks Resolves Liquidity Issues

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July 31, 2006 | SIN Picks | | Author Asif

A glimpse from the next edition of SINLetter that will be sent out to subscribers tomorrow:

It looks like Airspan Networks (AIRN) has resolved its liquidity issues by issuing 100,000 additional series B preferred shares to an existing investor, Oak Investment Partners, and raising $29 million. I speculated that something similar might happen in the previous edition of SINLetter when I stated “existing shareholders could face dilution if Airspan decides to issue more shares through a private placement (Sirius Satellite Radio has mastered this art)”. Since each series B preferred share can be converted into 100 common shares, the price Oak Investment Partners paid works out to $2.9 per share. Airspan shares closed at $1.88 on July 31st, 2006 and I expect the stock to open higher on August 1st. You can read the entire press release here.

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