|Over a week ago |
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Airspan Networks trading resumes 12:5505/1805/18/23
Airspan Networks announces new financing and leadership changes » 12:4705/1805/18/23
Airspan Networks announced that it has entered into a new financing agreement with affiliates of Fortress Investment Group. Under the agreement Airspan amended and restated the terms of its credit agreement with Fortress and certain other lenders to establish a new delayed draw term loan of $25M. In connection with the amendment and restatement, Airspan agreed to issue the lenders new common stock warrants to purchase 5,912,040 shares of its common stock at an exercise price of 1c per share. Airspan also modified the terms of its senior secured convertible notes to increase the principal amount to $52.5M and increase the interest rate to 10%. Airspan's Board also made certain changes to the company's senior management and Board of Directors. The Board appointed Glenn Laxdal, previously Airspan's President and COO, to serve as CEO, expanded Airspan's Board of Directors to ten directors, and appointed Laxdal to serve in the newly created Board position. Eric Stonestrom will now serve as Airspan's Executive Chairman. Eric Stonestrom, Executive Chairman of Airspan said, "We are continuing to make necessary changes to our operating model to focus the company and position it for the future. The Mimosa divestiture and debt restructuring provides the funding and sets the company up for its next phase of growth. We are excited to welcome Glenn to the Board and as Airspan's new CEO." Laxdal, who has served as Airspan's President and COO since January of 2022, said: "I am very excited to assume these new responsibilities at Airspan and to have financing to pursue our strategic vision for growing Airspan in the 5G broadband and enterprise private network markets."
Airspan Networks trading halted, news pending 11:2305/1805/18/23
Airspan Networks trading suspended on NYSE American » 08:0405/1205/12/23
On May 11, 2023 NYSE…
On May 11, 2023 NYSE American provided written notice to Airspan Networks Holdings and publicly announced that NYSE Regulation has suspended trading in the Company's warrants, each exercisable for one share of the Company's common stock, ticker symbol MIMO WS and determined to commence proceedings to delist the Warrants. NYSE Regulation has determined that the Company's warrants are no longer suitable for listing pursuant to Section 1001 of the NYSE American Company Guide due to the low trading price of the Warrants. Trading in the Company's common stock - ticker symbol MIMO - and two other series of listed warrants - ticker symbols MIMO WSA and MIMO WSB - will continue on the NYSE American. As of May 12, 2023, the Warrants that previously traded on the NYSE American under the symbol MIMO WSC may be quoted and traded in the over-the-counter market under the new ticker symbol MIMWW.
|Over a month ago|
Barrington downgrades Airspan on going concern from auditors » 12:1903/2303/23/23
Barrington analyst Alexander Paris downgraded Airspan Networks to Market Perform from Outperform without a price target post the Q4 results. The company's annual report included an audit opinion that contained a statement regarding Airspan's ability to operate as a going concern, the analyst tells investors in a research note. Management will need to secure additional funding to meet operations requirements and satisfy existing debt covenants, the firm points out. It cites the going concern statement and "the lack of current visibility" for the downgrade.
Airspan Networks downgraded to Market Perform from Outperform at Barrington » 12:1403/2303/23/23
Barrington analyst Alexander Paris downgraded Airspan Networks to Market Perform from Outperform.
Fly Intel: After-Hours Movers » 18:3003/1603/16/23
FDX, LFCR, COOK, TRVI, ENZ, X, FRC, PRPL, GRPN, PLBY, MIMO, SRPT
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Airspan Networks reports Q4 EPS (15c), consensus (16c) » 16:1703/1603/16/23
Reports Q4 revenue…
Reports Q4 revenue $41.7M, consensus $53.1M
Airspan Networks sells Mimosa Networks to Radisys for $60M » 05:2203/0903/09/23
Airspan Networks and…
Airspan Networks and Radisys, a wholly owned subsidiary of Jio Platforms, announced the sale of Mimosa Networks, to Radisys for $60M on a debt free, cash free basis. Airspan acquired Mimosa in 2018 to target cost effective fixed wireless access network connections. Mimosa has a portfolio of point-to-point and point-to-multi-point products based on WiFi 5 and the newer WiFi 6E technologies as well as related accessories, such as twist on antennas, PoE Injectors, etc. These solutions have use cases in the backhaul requirements for 5G and FTTX/ FWA rollouts. Jio has been a major customer of Mimosa. Mimosa's product development, manufacturing, and sales teams of 56 employees will continue with Mimosa following the acquisition by Radisys. Airspan maintains a reseller channel for specific joint 4G/5G and FWA projects and will continue marketing Mimosa products to some of its customers following the acquisition. Jio is a shareholder of Airspan and maintains a seat on its Board of Directors. The transaction is subject to certain regulatory and other customary closing conditions, including the US CFIUS review and approval by Airspan's senior lender and is expected to complete in the third quarter of 2023.
|Over a quarter ago|
NextWave And Airspan launch 'Wide-Area Private Network' in NY » 09:2602/0202/02/23
Airspan Networks Holdings…
Airspan Networks Holdings announced a major deployment milestone of 120 eNodeB base stations in collaboration with NextWave's ongoing New York Metro Private Network rollout. NextWave, a private network service provider, had recently revealed plans to leverage their Band 41 spectrum capabilities to provide uniquely wide-area private network coverage to offer seamless high-speed mobile networking for mission-critical services. Today's milestone represents the continuation of the first phase of NextWave's "first-of-its-kind" network buildout, with Airspan's AirHarmony4000 eNodeB units taking a prominent role in providing the 4G LTE component of wide-area coverage to the private network that will reach nearly 15m people later in 2023. The AirHarmony product line's well-proven capabilities in the Band 41 range, among others, made Airspan a well-suited RAN partner to fully capitalize on NextWave's valuable 50 MHz of bandwidth.