Airspan Issues Notice to Shareholders Regarding Charter Amendments and New Series E Preferred Stock
June 17 2014 - 11:50AM
Marketwired
Airspan Issues Notice to Shareholders Regarding Charter Amendments
and New Series E Preferred Stock
BOCA RATON, FL--(Marketwired - Jun 17, 2014) - Airspan Networks
Inc., a leading provider of 4G LTE RAN solutions, today announced
that it had issued a notice to stockholders regarding a written
consent of its majority shareholder Oak Investment Partners XI,
Limited Partnership in lieu of a meeting of the Company's
stockholders adopting an amended and restated certificate of
incorporation and various matters in connection with the Company's
issuance of 5,000 shares of Series E Preferred Stock for $5.0
million in cash and issued a warrant to unaffiliated institutional
investors on June 10, 2014. The newly amended and restated
certificate of incorporation, which became effective on June 10,
2014, also increased the authorized common stock from 2.0 million
to 5.0 million shares and included various other amendments.
The approval of Oak, in its capacity as the sole holder of
Airspan's outstanding Series B, Series C and Series D Preferred
Stock, was the only stockholder approval required in connection
with the exchange transaction. Following the Series E
Preferred Stock transaction, Oak beneficially owned approximately
80.3% of the voting power of Airspan's capital stock assuming
conversion of all outstanding shares of Preferred Stock and no
exercise of outstanding options. 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 other
transaction documents described therein, including the new amended
and restated certificate of incorporation will be available without
charge on Airspan's website, www.airspan.com, 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 1,000 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 Investment Partners XI, Limited Partnership holds a
controlling interest in 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 our 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. We
may not actually achieve the plans, intentions or expectations
disclosed in our forward-looking statements and you should not
place undue reliance on our 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 we make.
Investors and others are therefore cautioned that a variety of
factors, including certain risks, may affect our business and cause
actual results to differ materially from those set forth in the
forward-looking statements. We do not assume any obligation to
update any forward-looking statements.