Cambium Networks Corporation Announces Pricing of Secondary Offering

Rhea-AI Summary

Cambium Networks Corporation (CMBM) announced a secondary public offering of 2,000,000 ordinary shares priced at $48.00 each, totaling approximately $96 million in gross proceeds for Vector Cambium Holdings. The offering is set to close on June 7, 2021, pending customary closing conditions. Notably, Cambium will not receive any proceeds from this offering, as it involves shares sold solely by Vector Capital. Additionally, the underwriters have a 30-day option to purchase up to 300,000 extra shares at the same price.

Positive

• Pricing of secondary offering at $48.00 per share indicates strong market interest.
• Total expected proceeds of approximately $96 million demonstrate investor confidence.
• Underwriters have an option for additional shares, which could enhance liquidity.

Negative

• Cambium will not receive any proceeds from the stock offering, limiting potential cash flow for operations.

ROLLING MEADOWS, Ill., June 03, 2021 (GLOBE NEWSWIRE) -- Cambium Networks Corporation (Nasdaq: CMBM) (“Cambium”), a leading global provider of wireless networking infrastructure, today announced the pricing of an underwritten secondary public offering of 2,000,000 ordinary shares to be sold by Vector Cambium Holdings (Cayman), L.P. (“VCH, L.P.”), which is owned by Vector Capital and certain of its affiliates (together with VCH, L.P., “Vector Capital”), at a public offering price of $48.00 per share, for total gross proceeds to Vector Capital of approximately $96 million, before deducting underwriting discounts and commissions and offering expenses. The offering is expected to close on June 7, 2021, subject to the satisfaction of customary closing conditions. In addition, Vector Capital has granted the underwriters a 30-day option to purchase up to an additional 300,000 ordinary shares at the public offering price, less underwriting discounts and commissions.

Cambium is not selling any shares and will not receive any proceeds from such offering.

J.P. Morgan Securities LLC is acting as the lead book-running manager for the offering and as representative of the underwriters. Jefferies LLC and Raymond James & Associates, Inc. are acting as book-running managers for the offering. JMP Securities LLC, Northland Securities, Inc., and Roth Capital Partners are acting as co-managers for the offering.

The offering is being made only by means of a prospectus and prospectus supplement. When available, a copy of the final prospectus and prospectus supplement may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 866-803-9204, or by email at prospectuseq_fi@jpmorganchase.com.

A registration statement relating to the shares being sold in this offering has been filed with, and declared effective by, the U.S. Securities and Exchange Commission.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.

About Cambium Networks

Cambium Networks delivers wireless communications that work for businesses, communities and cities worldwide. Millions of our radios are deployed to connect people, places and things with a unified wireless fabric that spans multiple standards and frequencies of fixed wireless and Wi-Fi, all managed centrally via the cloud. Our multi-gigabit wireless fabric offers a compelling value proposition over traditional fiber and alternative wireless solutions. We work with our Cambium certified ConnectedPartners to deliver purpose-built networks for service provider, enterprise, industrial, and government connectivity solutions in urban, suburban, and rural environments, with wireless that just works.

Contacts: 
Investors:
Peter Schuman, IRC
Sr. Director Investor & Industry Analyst Relations
Cambium Networks
+1 (847) 264-2188
Peter.schuman@cambiumnetworks.com

FAQ

What is the total gross proceeds expected from Cambium Networks' public offering on June 3, 2021?

The public offering is expected to generate approximately $96 million in gross proceeds.

When will the Cambium Networks public offering close?

The offering is expected to close on June 7, 2021, subject to customary closing conditions.

How many shares are being offered in Cambium Networks' secondary public offering?

Cambium Networks is offering 2,000,000 ordinary shares in the secondary public offering.

Will Cambium Networks receive any proceeds from the secondary offering?

No, Cambium Networks will not receive any proceeds from this offering.

Who is managing the Cambium Networks secondary public offering?

J.P. Morgan Securities LLC is the lead book-running manager for the offering, along with Jefferies LLC and Raymond James & Associates, Inc.