Airspan To Receive Up To $95 Million In New Equity Financing And Eliminate All Existing Funded Debt
Airspan Networks Holdings Inc. has made a special agreement with Fortress Investment Group and important people involved to get a lot of money, up to $95 million, and get rid of the money they already owe. This is a smart move to help Airspan be successful in providing 5G solutions and Open RAN technology for a long time. They had to file for Chapter 11 bankruptcy to make this agreement happen, but don't worry, they will keep working as usual. Fortress affiliates are giving them over $53 million to help them keep going while they make changes. Almost all of the people Airspan owes money to support this plan.
Airspan thinks they will finish everything in the next 30-45 days and become a private company mostly owned by Fortress affiliates. They will keep doing their business without any problems and they promise to take care of their employees, customers, and suppliers. People who own Airspan's stock can choose to get money or something called warrants for their shares. Airspan is sure that this plan will help them grow and do well in the network markets that are open to the public and the ones that are private.
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