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Towerstream Corp. Announces Pricing of an Underwritten Registered Offering
Posted July 15, 2011
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MIDDLETOWN, R.I., -- Towerstream (Nasdaq:TWER) announced the pricing of an underwritten registered offering of 9,000,000 shares of its common stock at an offering price of $4.00 per share. The gross proceeds to Towerstream from this offering are expected to be approximately $36.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on or about July 20, 2011, subject to customary closing conditions. Towerstream has also granted the underwriters a 45-day option to purchase up to an additional 1,350,000 shares of common stock to cover over-allotments, if any. All of the shares in the offering are to be sold by Towerstream.
Towerstream intends to use the net proceeds from this offering for the deployment and expansion of its Wi-Fi network, potential acquisitions, organic expansion in existing and new markets, and general corporate purposes.
Lazard Capital Markets LLC and Rodman & Renshaw, LLC are acting as the joint book-running managers and Merriman Capital, Inc. is acting as the co-manager for the offering. A shelf registration statement and accompanying base prospectus on Form S-3 relating to the shares was filed with the Securities and Exchange Commission and is effective. A preliminary prospectus supplement relating to the offering has been filed with the SEC and is available on the SEC's website at http://www.sec.gov. Copies of the final prospectus supplement relating to the offering, when available, may be obtained from the offices of Lazard Capital Markets LLC at 30 Rockefeller Plaza, 60th Floor, New York, NY, 10020 or via telephone at (800) 542-0970, or from Rodman & Renshaw, LLC, 1251 Avenue of the Americas, 20th Floor, New York, NY 10020 or via telephone at (212) 430-1710, or from the above-mentioned SEC website.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.
About Towerstream Corporation
Towerstream is a leading 4G service provider in the U.S., delivering high-speed wireless Internet access to businesses. Founded in 2000, the Company has established networks in 12 markets including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Nashville, Las Vegas/Reno and the greater Providence area where the Company is based. For more information, visit our website at www.towerstream.com or follow us on Twitter @Towerstream.
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