RBBN - Ribbon Communications stock dips on ~$52M private placement
- Ribbon Communications ( NASDAQ: RBBN ) expects to raise gross proceeds of ~$52M in a private placement financing of common stock .
- The communications software provider will issue ~17.05M shares of common stock in the private placement at a price of $3.05. Net proceeds will be used to fund general corporate purposes, including capital expenditures, working capital and debt repayment.
- The transaction is expected to close on or about August 16, 2022.
- The private placement investors were led by Neuberger Berman client funds, and included Ribbon's two largest shareholders, JPMorgan Chase and Swarth Investments, and Heights Capital Management, among other investors.
- RBBN shares are down 3% pre-market
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Ribbon Communications stock dips on ~$52M private placement