Airspan to Issue New Preferred Stock for Convertible Notes and Cash
February 17 2014 - 10:08AM
Marketwired
Airspan to Issue New Preferred Stock for Convertible Notes and Cash
BOCA RATON, FL--(Marketwired - Feb 17, 2014) - Airspan Networks
Inc., a leading provider of broadband wireless access networks,
today announced that it has entered into an agreement with its
controlling stockholder, Oak Investment Partners XI, Limited
Partnership ("Oak"), pursuant to which it will exchange
Subordinated Convertible Promissory Notes held by Oak for new
shares of convertible participating Series D Preferred
Stock. The exchange transaction will decrease Airspan's total
indebtedness by approximately $28.9 million and is currently
expected to close in the first quarter of 2014. Following the
transaction, Oak will beneficially own 83.6% of the voting power of
Airspan's capital stock assuming conversion of all outstanding
shares of Preferred Stock and no exercise of outstanding
options. This compares with the 76.2% voting power of Oak
prior to the transaction computed on the same basis.
The approval of Oak, in its capacity as the sole holder of
Airspan's outstanding Series B, Series C and Series D Preferred
Stock, is the only stockholder approval required in connection with
the exchange transaction. Airspan will mail notice of such
approval to shareholders in accordance with Delaware
law. Please read such notice when it is available because it
will contain important information. The notice and the
transaction documents described therein will be available without
charge on Airspan's website,
www.airspan.com/about-airspan/shareholder-information/, or by
writing to Airspan Networks Inc., 777 Yamato Road, Suite 310, Boca
Raton, Florida 33431, Attention: Secretary. All information
herein is qualified in its entirety by reference to the transaction
documents and any further updates regarding the matter will be
posted solely on Airspan's website and not by press release.
About Airspan Networks
Inc.
Airspan (OTCBB: AIRO) is a leading 4G LTE RAN solution provider,
with over 1000 customers in over 100 countries. Airspan is
regularly recognized as a leader and pioneer in 4G LTE and
broadband wireless technologies. Airspan has an expansive
product portfolio, which includes indoor and outdoor Femto and Pico
cells, and all-outdoor, compact Micro and Macro base stations, a
wide variety of user devices, and advanced core network products.
These connectivity solutions operate in bands from 400 MHz up to
6.4 GHz. www.airspan.com.
Forward-Looking
Statements
Oak is the controlling stockholder of Airspan. Airspan is
not subject to the informational reporting requirements of the
Securities Exchange Act of 1934 and, accordingly, does not file
reports, financial statements, proxy statements, information
statements or other information with the Securities and Exchange
Commission. This press release contains forward-looking
statements. All statements, other than statements of
historical facts, including statements regarding Airspan's
strategy, future operations, financial position, future revenues,
projected costs, prospects, plans and objectives of management, may
be deemed to be forward-looking statements. The words
"anticipates," "believes," "estimates," "expects," "intends,"
"may," "plans," "projects," "will," "would" and similar expressions
or negative variations thereof are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Airspan may not
actually achieve the plans, intentions or expectations disclosed in
the forward-looking statements contained in this press release and
you should not place undue reliance on such forward-looking
statements. There are a number of important factors that could
cause actual results or events to differ materially from the plans,
intentions and expectations disclosed in the forward-looking
statements Airspan makes. Investors and others are therefore
cautioned that a variety of factors, including certain risks, may
affect Airspan's business and cause actual results to differ
materially from those set forth in the forward-looking
statements. Airspan does not assume any obligation to update
any forward-looking statements.