logo
  

Comtech Announces Strategic Growth Investment By White Hat And Magnetar - Quick Facts

Comtech Telecommunications Corp. (CMTL) announced a $100.0 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, which will be convertible into shares of Comtech common stock at a conversion price of $24.50 per share. The preferred stock carries a 6.5% dividend, which will be payable in kind or in cash at the company'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 of Comtech common stock at a conversion price of $32.00 per share.

Also, Comtech, White Hat and Magnetar have agreed to appoint Mark Quinlan to the
company's Board in conjunction with the previously announced CEO succession. Quinlan is White Hat's Co-Founder and Managing Partner.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Alexander & Hornung, a business unit of Perdue Premium Meat Co., Inc., is recalling around 234,391 pounds of fully cooked pork products citing possible contamination with Listeria monocytogenes, the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS announced. The recall involves ham and pepperoni products that come under various brands and produced on various dates. Sandoz, Inc., an unit of Novartis AG, is recalling one lot of deep vein thrombosis (DVT) medication Enoxaparin Sodium in the form of injection for the potential exposure to high temperatures that may have impacted product effectiveness, the U.S. Food and Drug Administration or FDA said in a statement. Livia Global, Inc., a health and wellness company, is recalling two lots of its Liviaone liquid probiotics citing the possibility of contamination by Pseudomonas aeruginosa, the U.S. Food and Drug Administration said. Pseudomonas aeruginosa is a microorganism found in the environment that, if ingested, can cause life-threatening infection in immunocompromised individuals.
Follow RTT