Ribbon Communications Inc. (Nasdaq: RBBN) reveals that it has reached a securities purchase agreement that will raise approximately $52 million in a private placement financing of common stock. Neuberger Berman client funds were the lead investors, alongside Ribbon's two largest shareholders (JPMorgan Chase & Co. and Swarth Investments Ltd.) and Heights Capital Management, Inc., among others. The company says it will use the net proceeds to fund general corporate activities, including capital expenditures, working capital, and debt repayment.
Ribbon will issue approximately 17,050,000 shares of common stock in the private placement at a price of $3.05. The private placement was expected to close on or about August 16, 2022, subject to customary closing conditions.
"We are very appreciative of the incremental investment being made by our existing and new shareholders,” commented Ribbon Communications CFO Mick Lopez. “The new capital will provide the company additional financial flexibility as we execute on our strategy to invest in product development and drive near-term profitable growth."
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Stephen Hardy | Editorial Director and Associate Publisher, Lightwave
Stephen Hardy is editorial director and associate publisher of Lightwave and Broadband Technology Report, part of the Lighting & Technology Group at Endeavor Business Media. Stephen is responsible for establishing and executing editorial strategy across the both brands’ websites, email newsletters, events, and other information products. He has covered the fiber-optics space for more than 20 years, and communications and technology for more than 35 years. During his tenure, Lightwave has received awards from Folio: and the American Society of Business Press Editors (ASBPE) for editorial excellence. Prior to joining Lightwave in 1997, Stephen worked for Telecommunications magazine and the Journal of Electronic Defense.
Stephen has moderated panels at numerous events, including the Optica Executive Forum, ECOC, and SCTE Cable-Tec Expo. He also is program director for the Lightwave Innovation Reviews and the Diamond Technology Reviews.
He has written numerous articles in all aspects of optical communications and fiber-optic networks, including fiber to the home (FTTH), PON, optical components, DWDM, fiber cables, packet optical transport, optical transceivers, lasers, fiber optic testing, and more.
You can connect with Stephen on LinkedIn as well as Twitter.