Business
Aerkomm Inc. Closes a Total of $31.5 Million In Funding
Aerkomm Inc. Closes a Total of $31.5 Million In Funding.
About this update from Aerkomm Inc.
[{"type":"text","content":"\n\n\n\nAerkomm Inc. Closes a Total of $31.5 Million In Funding\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAerkomm Inc. Closes a Total of $31.5 Million In Funding\nEffective S-1 Allows Aerkomm Inc. to Complete Up to $60 Million in Equity Financing at $8.50 per Share\nPR Newswire\nFREMONT, Calif., July 11, 2018\n\n\n\nFREMONT, Calif., July 11, 2018 /PRNewswire/ -- Aerkomm Inc. (OTCQX: AKOM) (\"Aerkomm\" or the \"Company\"), today announced that it has sold a total of 3,709,873 shares of its common stock at $8.50 per share or $31,533,920.50 in gross proceeds before expenses and underwriting commissions.\n\n\n \n \n\n \nAs previously disclosed, the Company announced an offering of between $5 million and $69 million (including an over-subscription allotment of $9,000,000) of its common stock. Boustead Securities, LLC is sole underwriter for this \"best efforts\" offering. Aerkomm continues to accept subscriptions in its offering at $8.50 per share up to a maximum of $69 million. The offering will remain open till August 5, 2018 and may be extended to a date up to and including September 4, 2018, as described in its prospectus. Aerkomm, through its wholly owned operating subsidiary, Aircom Pacific, Inc., is a development stage service provider of in-flight entertainment and connectivity solutions for the airline industry.\n\nAerkomm Chairman and CEO Jeffrey Wun said, \"We are pleased to see continued demand for our shares and look forward to closing additional rounds in the near term and completing our $69,000,000 raise.\"\n\nThe Company plans to use the net proceeds of the Offering for general corporate purposes, including working capital, product development, marketing activities, expending its internal organization and other capital expenditures including, if it raises a sufficient amount of capital, the purchase of land for the building of its first ground station and data center in the Asia region.\n\nAerkomm's common stock is currently quoted on the OTCQX under the symbol \"AKOM.\"  The Company, as disclosed in its prospectus, applied to list its common stock&...