MIDDLETOWN, R.I., Nov. 10, 2010 (GLOBE NEWSWIRE) -- Towerstream (Nasdaq:TWER), a leading 4G service provider, announced today that pursuant to its shareholder rights plan the Company has issued one preferred share purchase right for each of the Company's common stock held by shareholders of record as of the close of business on November 24, 2010. Each Right will entitle the holder to purchase one one-hundredth of a share of Series A Preferred Stock that will be established by the Company, at an exercise price of $18.00. The preferred shares will be structured so that the value of one one-hundredth of a preferred share will approximate the value of one share of the Company's common stock.
Towerstream Corporation Adopts Shareholder Rights Plan
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