Aerkomm closes $43.56 million in funding

Eleanor Steed
By Eleanor Steed August 17, 2018 16:50

Aerkomm closes $43.56 million in funding

Aerkomm has sold a total of 5,124,706 shares of its common stock at $8.50 per share or $43,560,000 in gross proceeds in its ongoing public offering.

Boustead Securities 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 has been extended and will remain open until September 5, 2018. Aerkomm, through its wholly owned operating subsidiary, Aircom Pacific, is a development stage service provider of in-flight entertainment and connectivity solutions for the airline industry.

Aerkomm Chairman and CEO Jeffrey Wun said, “As we move closer to completing our current public offering, we have been executing on our business plan and positioning the Company for much success in the near future.”

The company plans to use the net proceeds of the offering for general corporate purposes, including working capital, product development, marketing activities, expanding its internal organization and certain capital expenditures including the purchase of land for the building of its first ground station and data center in the Asia region.

Eleanor Steed
By Eleanor Steed August 17, 2018 16:50