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Comtech Telecommunications Co., Ltd.. (NASDAQ: CMTL), a global technology company that provides terrestrial and wireless network solutions, next-generation 911 emergency services, satellite and space communications technologies, and cloud-native capabilities, today announced the completion of his $45 million investment by current shareholders. announced. White Hat Capital Partners It is an affiliated fund of LP, an investment firm focused on sustainable value creation in technology companies delivering mission-critical applications, and Magnetar, a leading alternative investment manager with more than $14 billion in assets under management. In connection with this investment, the Company exchanged all outstanding shares of Comtech’s existing convertible preferred stock for a new series of convertible preferred stock.
This strategic investment increases Comtech’s financial flexibility and supports our ability to take advantage of recent major contract wins and growing customer demand for satellite communications technology and next-generation terrestrial and wireless solutions. will be strengthened. Comtech expects to use the proceeds from this investment for general corporate purposes, including short-term working capital needs and the repayment of certain outstanding debt, as well as a wide range of initiatives in support of its growth prospects. . The issuance of a new series of convertible preferred shares demonstrates White Hat and Magnetar’s continued commitment to the company’s previously announced process to refinance its existing credit facility to further strengthen its financial and operational strength. This is an important step towards the completion of the project.
Mark Quinlan, who currently serves as a white hat and magnetar appointee to our board of directors, will maintain his position on our board of directors. Mr. Quinlan is a co-founder and managing partner of White Hat and has over 20 years of experience in the technology field. He has provided valuable insight and experience to the Board since January 2022.
“We are grateful for this investment and for the support of our strategy and team by our two existing long-term shareholders.” Said Ken Peterman, Comtech Chairman and CEO. “Magnetar and White Hat understand the potential of our company, our end markets, and our One Comtech vision. , and their extensive investment experience across asset classes and capital structures, we value their continued support and are excited to strengthen our relationship with them at this important inflection point. company.”
“Under the leadership of CEO Ken Peterman, the entire Comtech team has made incredible progress in transforming One Comtech.” Said Mr. Quinlan. “We recognize Comtech’s potential and believe this investment will further support the company’s efforts to develop and deliver mission-critical solutions for its customers.”
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