Multiband Corporation Announces Closing Of Public Offering Of Common Stock
Multiband Corporation (NASDAQ: MBND), a leading Home Service Provider
(HSP) for DIRECTV and the nation’s largest DIRECTV Master System
Operator (MSO) for Multiple Dwelling Units (MDUs), today announced the
Multiband Corporation (NASDAQ: MBND), a leading Home Service Provider (HSP) for DIRECTV and the nation’s largest DIRECTV Master System Operator (MSO) for Multiple Dwelling Units (MDUs), today announced the closing of its previously announced public offering of common stock at a price to the public of $3.00 per share. The underwriters exercised, in full, their option to purchase up to 1,680,000 shares at the offering price, resulting in total sales of 12,880,000 shares. Of the shares sold, Multiband sold 5,974,932 shares and the selling shareholder sold 6,905,068 shares. Multiband intends to use the net proceeds from the offering for working capital and other general corporate purposes, including potential future acquisitions and redemption of its 15% Class E Cumulative Preferred Stock (which is currently owned by two of Multiband’s directors) for approximately $1.95 million. Multiband did not receive any proceeds from the sale of shares by the selling shareholder. Craig-Hallum Capital Group acted as the sole book-running manager for the offering and Northland Capital Markets acted as co-manager. The offering was made solely by means of a prospectus. Copies of the final prospectus of the offering may be obtained from Craig-Hallum Capital Group at 222 South Ninth Street, Suite 350, Minneapolis, Minnesota 55402, or by calling 612-334-6300. A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on May 25, 2011. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities of Multiband, and there shall not be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. About Multiband Corporation Multiband is a leading national provider of technical installation and fulfillment services to both residential and commercial properties. Multiband operates in 32 states with 28 field offices and employs approximately 3,200 people. The Company has two operating segments: 1) Home Service Provider (HSP), which primarily installs DIRECTV video services for residents of single family homes, and 2) Multi-Dwelling Unit (MDU), which provides voice, data and video services to residents of multiple dwelling units. Multiband is the nation’s second largest independent DIRECTV service provider in the HSP market and the largest nationwide DIRECTV master system operator in the MDU market. The Company operates a call center facility to support its MDU segment and has developed proprietary call center support and billing software applications. Multiband’s strategy is to leverage its current infrastructure, workforce, technology, and national footprint to support its growth initiatives. Multiband is headquartered in Minneapolis, Minnesota.
Shares of Multiband Corporation (Nasdaq:MBND) have taken a tremendous swing upward. The stock is trading at $3.46 as of 3:31 p.m. ET, 26.3% above Wednesday's closing price of $2.74. Volume is at 412,212, 2.9 times the daily average of 140,600.