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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



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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.