Airspan Networks announced a new $25 million financing agreement with affiliates of Fortress Investment Group (“Fortress”). Airspan agreed to issue the lenders new common stock warrants to purchase 5,912,040 shares of our common stock at an exercise price of $0.01 per share.
Airspan also modified the terms of its senior secured convertible notes to increase the principal amount to $52.5 million and increase the interest rate to 10%.
In addition, Airspan’s Board appointed Glenn Laxdal, previously Airspan’s President and COO, to serve as Chief Executive Officer.
Eric Stonestrom, Executive Chairman of Airspan said, “We are continuing to make necessary changes to our operating model to focus the company and position it for the future. The Mimosa divestiture and debt restructuring provides the funding and sets the company up for its next phase of growth. We are excited to welcome Glenn to the Board and as Airspan’s new CEO.”
Glenn Laxdal, President and Chief Executive Officer has served as Airspan’s President and COO since January of 2022. Prior to Airspan he has held senior leadership positions at Infinera, Ericsson, Blackberry, and Nortel.
