Boston, MA 05\/05\/2014 (wallstreetpr) \u2013 <\/b>Today, Iridium Communications Inc. (Nasdaq:IRDM)<\/b> announced two different sets of press releases, where one pertains to stock purchase agreement with Barrons Fund, and the other relates to the sale of its common shares.<\/p>\n
Stock Purchase Agreement And Sale Of Shares<\/b><\/p>\n
Iridium Communications Inc. (NASDAQ:IRDM) <\/b>said that it has reached a stock purchase agreement with Barrons Fund. Under the agreement, Iridium Communications will issue its 7,692,308 shares of common stock to Barron funds at a price of $6.50 per share for an approximate gross proceeds of $50,000,002. The company plans to utilize the proceeds of the offering for general corporate purposes that include capital expenditures, working capital, improvement and placement of its NEXT system and other\u00a0 general and administrative expenses.<\/p>\n
Apart from this, the company announced that will offer to sell500,000new series B cumulative perpetual convertible preferred shares along with shares of its common stock, in simultaneous underwritten public offerings. The company anticipates raising approximate gross proceeds of $45 million and $125 million respectively from its common stock offering and convertible preferred stock offering. The series B cumulative perpetual convertible preferred stock is non-voting, will be convertible into common share and will have a liquidation preference of $250 per share.<\/p>\n
Iridium Communications Inc. (NASDAQ:IRDM) <\/b>wishes to employ the net proceeds received from the two offerings towards general corporate purposes. While Raymond James, Deutsche Bank Securities and William Blair are the joint book-running managers for the common stock offering, the services of Raymond James and Deutsche Bank Securities are also engaged as joint book-running managers for series B cumulative perpetual convertible preferred stock offering. CanaccordGenuity and SocieteGenerale will be co-managers of the offering.<\/p>\n
First Quarter At Glance<\/b><\/p>\n
Iridium Communications Inc. (NASDAQ:IRDM), which is mobile voice and data communications service provider, had posted its first quarter financial results last week, which succeeded to meet the analyst expectations. The company’s earnings per share came in at $0.19 per share, higher than the estimated consensus of $0.18 per share. The revenue during the reported quarter grew 9.9% to $98 million year-over-year, beating the analyst estimates of $94.27 million. At the same time, the company projected its full year revenue growth in the range of 2-4% and OEBITDA in between $205-$215 million. The company reaffirmed its long term guidance for the revenue growth in between 8-12%<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 05\/05\/2014 (wallstreetpr) \u2013 Today, Iridium Communications Inc. (Nasdaq:IRDM) announced two different sets of press releases, where one pertains to stock purchase agreement with […]<\/p>\n","protected":false},"author":32,"featured_media":17333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[263],"tags":[3190,3192],"stock_ticker":[],"class_list":["post-21193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-iridium-communications-inc-nasdaqirdm","tag-nasdaqirdm","entry"],"acf":[],"yoast_head":"\n