NEW YORK (TheStreet) -- Shares of Iridium Communications Inc. (IRDM) are higher by 6.20% to $6.51 on Friday after the company announced the pricing of 7,377,050 shares of common stock to the public at $6.10 per share.
The mobile voice and data communications services provider also announced the pricing of 500,000 shares of its new 6.75% series B cumulative perpetual convertible preferred stock at a price to the public of $250 per share.
Iridium Communications said gross proceeds from the offering are expected to be $170 million, before underwritten discounts and commissions.
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The company granted underwriters a 30-day option to purchase up to 1,106,558 additional shares of common stock.
The offerings are expected to close on or about May 14, 2014.
TheStreet Ratings team rates IRIDIUM COMMUNICATIONS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate IRIDIUM COMMUNICATIONS INC (IRDM) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."