secured a $250 million financing commitment to fund its operations and construct fixed wireless and fiber-optic voice and data networks.
The company's shares recently lost 37%, or $1.94, to $3.38 in
The Vienna, Va., company said it received the financing commitment from a fund managed by
Rose Glen Capital Management
. The funding covers the purchase of up to $250 million of Teligent's common stock, at Teligent's option, over a period of 18 months.
The investor can resell the shares in the open market through a registration statement that would be filed by Teligent with the
Securities and Exchange Commission
. Teligent will also issue the fund warrants for stock representing 6% of the commitment amount.