Mar 29, 2007 (01:03 PM EDT)
NextWave Raises $355 Million To Fund Drive Into WiMax And Wi-Fi
Read the Original Article at InformationWeek
NextWave Wireless, which was unable to get its business off the ground in an earlier incarnation because it was in bankruptcy, is determined to become a force in WiMax and Wi-Fi, and raised $355 million to accomplish that.
The firm said Wednesday that Chairman and CEO Allen Salmasi and Douglas Manchester, a board member, each put up $50 million and that the company raised another $255 million in a private placement of stock.
The firm said the $355 million investment would be used to speed up development of new wireless technologies, expand company business, and facilitate strategic acquisitions.
"These investments, by both new and existing investors, are a concrete expression of confidence in the future of NextWave Wireless," said Salmasi in a statement. "We intend to use the proceeds from this transaction to accelerate the commercialization of our next-generation family of multi-band, integrated WiMax and Wi-Fi semiconductor products and network components, and to support strategic initiatives."