Advertisement
U.S. markets closed
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow 30

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Russell 2000

    2,124.55
    +10.20 (+0.48%)
     
  • Crude Oil

    83.11
    +1.76 (+2.16%)
     
  • Gold

    2,254.80
    +42.10 (+1.90%)
     
  • Silver

    25.10
    +0.35 (+1.41%)
     
  • EUR/USD

    1.0792
    -0.0037 (-0.35%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • GBP/USD

    1.2624
    -0.0015 (-0.11%)
     
  • USD/JPY

    151.3670
    +0.1210 (+0.08%)
     
  • Bitcoin USD

    70,899.73
    +1,742.12 (+2.52%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,168.07
    -594.66 (-1.46%)
     

Comtech Secures $100M Investment From White Hat, Magnetar

  • Comtech Telecommunications Corp (NASDAQ: CMTL) announced a 0.0 million investment by current shareholder White Hat Capital Partners LP and Magnetar Capital.

  • White Hat and Magnetar will initially purchase $100.0 million of convertible preferred stock, convertible into shares at $24.50 per share, subject to potential adjustment to $26.00 per share based on Comtech's FY22 financial performance.

  • The preferred stock carries a 6.5% dividend, payable in kind or cash at Comtech's election.

  • Until March 31, 2023, White Hat and Magnetar will have a one-time right to purchase up to an additional $25.0 million of convertible preferred stock, which will be convertible into shares at a conversion price of $32.00 per share.

  • Comtech will utilize the investment proceeds across a range of initiatives to accelerate growth and increase profitability.

  • White Hat and Magnetar agreed to appoint Mark Quinlan to Comtech's board.

  • Price Action: CMTL shares traded lower by 3.63% at $23.39 on the last check Monday.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Advertisement