Alvarion raises $3m from Israeli private investors

0
1

Assaf Katan,    Alvarion's CEO
Assaf Katan, Alvarion’s CEO

/ By Shiri Habib-Valdhorn/

Wireless broadband solutions company Alvarion Ltd. (Nasdaq: ALVR; TASE:ALVR) is raising $3 million in a private investment in public equity (PIPE) offering to Israeli investors, sources inform “Globes.” The offering will be conducted at a discount of 10% on the share price. Before this latest round of financing, Alvarion had less than $5 million in cash.Alvarion saw its share price fall 1.95% on Nasdaq yesterday to $2.51, giving a market cap of $15.87 million. Last week the company reported revenue of $8.5 million for the first quarter of 2013, down 45% from the corresponding quarter of 2012 but up 4.5% from the preceding quarter. GAAP net loss was $7 million, of which $4 million was from ongoing operations. Non-GAAP net loss was $3.2 million.

Alvarion acting CEO Assaf Katan and CFO Avi Stern said in the report that the company had a lack of working capital, which was adversely affecting its ability to fulfill orders, and that they believed that raising capital would allow them to deal with the topic.

Published by  www.globes-online.com 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.