SIMI VALLEY, Calif., May 29, 2018/PRNewswire/ -- Airborne Wireless Network ("Airborne Wireless" or the "Company") (ABWN) today announced the closing of its previously announced public offering of units consisting of convertible preferred stock and related warrants, for gross proceeds of $8,000,000, which excludes underwriting discounts and commissions and offering expenses payable by Airborne Wireless.
The offering was comprised of 8,000 units, priced at a public offering price of $1,000 per unit. Each unit consists of one share of Series A Convertible Preferred Stock (the "Preferred Stock"), with a stated value of $1,150, and one Series 1 Warrant, one Series 2 Warrant and one Series 3 Warrant, each to purchase one share of Preferred Stock (the "Warrants"). The Warrants have an initial exercise price of $1,000 per share of Preferred Stock, and expire on the three-month, six-month, and twelve-month anniversary of the original issuance date, respectively.
The Preferred Stock is convertible into shares of the Company's common stock at a conversion price equal to the lesser of (a) $0.71, subject to certain adjustments, or (b) 82.5% of the lowest volume weighted average price of the Company's common stock during the five trading days ending on, and including, the date of the notice of conversion.
Maxim Group LLC acted as sole book-running manager for the offering.
The securities were offered pursuant to a registration statement on Form S-1, which was declared effective by the United States Securities and Exchange Commission ("SEC") on May 23, 2018.
