First Avenue Networks raised $93.3 million through 12,870,000 shares of common stock priced at $7.25 per share. Over 20 institutional investors participated in the sale.
First Avenue intends to use the net proceeds for its mobile backhaul network initiatives and to develop fiber extension facilities for targeted metropolitan markets. The funds also will be used for debt repayment and general corporate purposes.
First Avenue also announced that all conditions for closing the acquisition of Teligent's assets and operations were met. The FCC has approved the request to transfer 24 GHz licenses to be purchased by First Avenue from Teligent in connection with the acquisition. First Avenue believes the deal will close by December 31st. http://www.firstavenet.com
- In November, First Avenue Networks agreed to acquire substantially all of Teligent's assets and fixed broadband wireless operations in a stock swap deal valued at approximately $133 million.
