Cambium Networks Corporation Announces Pricing of Secondary Offering

Rhea-AI Summary

Cambium Networks Corporation (CMBM) announced a secondary public offering of 2.5 million ordinary shares priced at $28.00 each, resulting in approximately $70 million in gross proceeds for Vector Capital, the selling shareholder. The offering is set to close on December 8, 2020, pending customary closing conditions. Cambium will not receive any proceeds from this offering. Vector Capital has also granted underwriters a 30-day option to purchase an additional 375,000 shares at the offering price. The offering is being managed by J.P. Morgan Securities and others.

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• None.

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• Cambium Networks will not receive any proceeds from the secondary offering, which could limit its capital-raising capabilities.

ROLLING MEADOWS, Ill., Dec. 03, 2020 (GLOBE NEWSWIRE) -- Cambium Networks Corporation (Nasdaq: CMBM) (“Cambium”), a provider of wireless networking infrastructure solutions, today announced the pricing of an underwritten secondary public offering of 2,500,000 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 $28.00 per share, for total gross proceeds to Vector Capital of approximately $70 million, before deducting underwriting discounts and commissions and offering expenses. The offering is expected to close on December 8, 2020, 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 375,000 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 empowers millions of people with wireless connectivity worldwide. Its wireless portfolio is used by commercial and government network operators as well as broadband service providers to connect people, places and things. With a single network architecture spanning fixed wireless and Wi-Fi, Cambium Networks enables operators to achieve maximum performance with minimal spectrum. End-to-end cloud management transforms networks into dynamic environments that evolve to meet changing needs with minimal physical human intervention. Cambium Networks empowers a growing ecosystem of partners who design and deliver gigabit wireless solutions that just work.

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 price of Cambium Networks' secondary public offering?

The secondary public offering is priced at $28.00 per share.

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

A total of 2.5 million ordinary shares are being offered.

Who is selling the shares in Cambium Networks' secondary offering?

The shares are being sold by Vector Cambium Holdings (Cayman), L.P., owned by Vector Capital.

When is the expected closing date for Cambium Networks' offering?

The offering is expected to close on December 8, 2020.

Is Cambium Networks receiving any proceeds from the share offering?

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