Airspan Networks confirmed that its stock has been delisted (NYSE American: MIMO). The company does not intend to appeal NYSE Regulation’s determination.
Last week, Airspan and its U.S. subsidiaries filed voluntary prepackaged Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware. The company has entered into a Restructuring Support Agreement with certain funds managed by Fortress Investment Group and several of its other key financial stakeholders that will provide up to $95 million of new equity financing and the elimination of all the company’s existing funded debt.
“This support agreement is the culmination of a strategic review process, and we believe it is the best path forward for Airspan to continue providing exceptional services and products to our customers worldwide,” said Glenn Laxdal, President and Chief Executive Officer at Airspan. “By strengthening the Company financially with new capital and a debt-free balance sheet, we will be better positioned to execute our plan to capitalize on the significant growth opportunities across our public and private network markets. We appreciate the support and engagement of all of our stakeholders as we build Airspan for the future.”
