B. Riley & Co. Acts as Financial Advisor to Proxim Wireless in Completing $7.5 Million Equity Transaction
20 8월 2009 - 10:10PM
Business Wire
B. Riley & Co., LLC has served as the exclusive financial
advisor to Proxim Wireless Corporation (OTCQX: PRXM) in completing
a $7.5 million equity transaction.
B. Riley President Wes Cummins and Managing Director Paul
Donnelly led the banking team in this engagement with Silicon
Valley-based Proxim, a leading provider of end-to-end broadband
wireless systems.
The transaction involved the issue of 2.5 million shares of new
Series A Convertible Preferred Stock and 1.25 million shares of new
Series B Non-Convertible Preferred Stock at $2.00 per share for
total consideration of $7.5 million (through a combination of new
investment and cancellation of debt).
In a press release issued by Proxim on August 13, 2009, Proxim
reported receiving $5 million from SRA OSS, Inc. (www.sraoss.com),
a wholly owned subsidiary of SRA Holdings, Inc. of Japan
(www.sra.co.jp), a publicly held company listed on the Tokyo stock
exchange (JP3817), and the rest coming from existing investors.
“We are pleased to have successfully completed this raise for
Proxim in what is still a difficult funding environment,” said Mr.
Cummins. “As important is that the capital was secured from a
partner, SRA that is strategically aligned with the company’s
business.”
B. Riley has successfully completed over 350 engagements with
more than $16 billion in aggregate transaction value in a variety
of industry sectors, including technology.
ABOUT B. RILEY & CO.
B. Riley & Co. is a leading independent investment bank
which provides a full array of corporate finance, research, sales
and trading services to corporate and institutional clients.
Investment banking services include merger and acquisitions
advisory to public and private middle market companies, initial and
secondary public offerings and institutional private placements.
The firm is recognized for its distinguished Equity and High Yield
Research. Its Corporate Governance Advisory Services Group is
engaged by both companies and investors to help maximize value for
shareholders. Founded in 1997, the firm is headquartered in
Los Angeles and maintains offices in Newport Beach, San Francisco,
Philadelphia, and New York. It is a member of FINRA and
SIPC. For more information, please visit
www.brileyco.com.
ABOUT PROXIM WIRELESS CORPORATION:
Proxim Wireless Corporation (OTCQX: PRXM) is a leading
provider of end-to-end broadband wireless systems that deliver the
quadruple play of voice, video, data and mobility to all
organizations today. Proxim systems enable a variety of wireless
applications including security and surveillance, VoIP, last mile
access, enterprise LAN connectivity and Point-to-Point wireless
backhaul. It has shipped more than 1.8 million wireless devices to
more than 235,000 customers in over 65 countries worldwide.
Information about Proxim can be found at
www.proxim.com.
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Proxim Wireless (CE) (USOTC:PRXM)
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