Welcome to our dedicated page for Ceragon Networks news (Ticker: CRNT), a resource for investors and traders seeking the latest updates and insights on Ceragon Networks stock.
Ceragon Networks Ltd (NASDAQ: CRNT) is renowned as the world’s leading wireless backhaul specialist, providing high-capacity wireless connectivity solutions across the globe. Specializing in 5G and 4G broadband wireless connectivity, Ceragon enhances operational efficiency for service providers, public safety organizations, government agencies, and utility companies. Their innovative solutions empower these entities to deliver mission-critical multimedia services and other high-speed, reliable applications.
Ceragon’s core technology, based on a unique multicore approach, offers highly reliable, high-capacity wireless transport with minimal resource utilization. This efficiency translates into increased productivity and simplified network modernization. The company’s IP-50 and IP-20 platforms, along with the PointLink solutions, are instrumental in delivering these capabilities.
Geographically, Ceragon generates its major revenue from India, though it has a significant presence in North America, Europe, Africa, Asia-Pacific, the Middle East, and Latin America. Their deployment spans over 600 service providers and more than 1,600 private network owners in over 130 countries. With a complete portfolio of turnkey end-to-end AI-based managed and professional services, Ceragon ensures efficient network rollout and optimization to maximize value for customers.
Recent achievements include securing a substantial $150 million contract with a Tier 1 operator in India for a network modernization project, and the acquisition of Siklu, enhancing Ceragon’s portfolio with advanced millimeter wave solutions. In 2024, Ceragon expects to deliver revenues between $385-405 million and has moved its long-term target for $500 million in annual revenue forward by 12 months to 2026.
The company is also committed to providing solutions for private networks, particularly in the energy sector, evidenced by their recent strategic deals worth $10 million in Q1 2024. Ceragon continues to evolve with innovations like the Neptune SoC-based millimeter wave technology capable of 100 Gbps, showcased at Mobile World Congress 2024.
For more information, visit www.ceragon.com.
Aviat Networks, Inc. (AVNW) has addressed Ceragon Networks Ltd.'s (CRNT) misleading claims about Aviat's acquisition proposal. In a letter to Ceragon shareholders, Aviat emphasized its $2.80 per share cash offer and financing capabilities, asserting that its proposal would deliver immediate premium value. Aviat criticized Ceragon's board for obstructive behaviors and urged shareholders to support its director nominations at the upcoming Extraordinary General Meeting (EGM) on August 23, 2022, stating that a new board would better evaluate the acquisition opportunity.
Ceragon Networks Ltd. (NASDAQ: CRNT) has announced it will release its earnings results for the second quarter ending June 30, 2022, on August 1, 2022, before the market opens. The company will also hold a Zoom web conference at 9:00 a.m. ET to discuss the results and answer questions from investors. Ceragon specializes in 5G wireless transport solutions, helping over 400 service providers globally improve operational efficiency. For more information, visit their website.
Ceragon Networks has rejected Aviat Networks' unsolicited acquisition offer of $2.80 per share, deeming it significantly undervalued. Ceragon's Board believes the proposal poses risks and does not serve the best interests of shareholders. Joseph D. Samberg, Ceragon's largest shareholder, supports the management's stance and intends to vote against Aviat's attempt to remove current directors. Ceragon's strategy has led to increased bookings, particularly in North America, where it has gained substantial market share. The company projects revenue of $325-$345 million for 2023 and aims for long-term growth.
Aviat Networks urges Ceragon shareholders to vote for board changes to enhance shareholder value. In a letter, Aviat criticized the current board's entrenched positions and alleged conflicts of interest, particularly concerning directors with ties to Chairman Zohar Zisapel. Aviat proposed increasing the board size, removing three directors, and electing five independent nominees with diverse expertise. The letter emphasizes the urgent need for governance reform to restore shareholder confidence and address Ceragon's ongoing financial struggles, including a cumulative negative cash flow of $29 million since early 2021.
Joseph D. Samberg, the largest shareholder of Ceragon Networks (NASDAQ: CRNT), has expressed support for the company and its management while rejecting the recent acquisition offer from Aviat Networks (NASDAQ: AVNW). Samberg, owning nearly 10% of Ceragon's stock, believes the acquisition undervalues the company. He also plans to vote in favor of current directors at the upcoming shareholder meeting. Samberg cites confidence in CEO Doron Arazi and a positive outlook for Ceragon's growth driven by improved supply chains and technological advancement.
Aviat Networks, Inc. (AVNW) has issued an open letter urging Ceragon Networks Ltd. (CRNT) shareholders to advocate for the acceptance of Aviat's acquisition proposal. Aviat highlights Ceragon's poor stock performance, down 12% over five years versus a 33% gain for the Russell 2000, and a decline in gross margins from 34% to 30%. Additionally, Ceragon faces $42 million in negative free cash flow. Aviat criticizes the current leadership's mismanagement, especially regarding delays in developing a next-generation chip, and calls for board changes to ensure better oversight and strategic direction.
Aviat Networks, Inc. (NASDAQ: AVNW) issued an open letter to the Board of Ceragon Networks Ltd. (NASDAQ: CRNT) urging the scheduling of an extraordinary general meeting. As Ceragon's third-largest shareholder, Aviat, holding over 5% of shares, seeks to replace three directors with five new independent candidates. Aviat expressed disappointment over Ceragon's lack of engagement regarding its acquisition proposal, emphasizing the need for transparency and accountability for shareholders.
Ceragon Networks Ltd. (NASDAQ: CRNT) confirmed receipt of letters from competitor Aviat Networks, requesting an extraordinary general meeting to propose changes to Ceragon's Board of Directors. Aviat's letters hinted at a potential acquisition interest in Ceragon. The Board will review these proposals with its advisors and act in the best interests of the company and shareholders. Importantly, shareholders are advised that no action is required from them at this time, allowing them to await the Board's response.
Aviat Networks, Inc. (NASDAQ: AVNW) is pushing for significant changes at Ceragon Networks Ltd. (NASDAQ: CRNT), calling for an extraordinary meeting to restructure its board of directors. Aviat, which holds over 5% of Ceragon shares, plans to remove three current directors and elect five independent candidates. This move follows Aviat's claim that Ceragon’s board has led to significant shareholder value destruction and ignored a premium acquisition offer of $2.80 per share. Aviat emphasizes the need for a board that prioritizes shareholder interests and creates value.
Aviat Networks has proposed to acquire Ceragon Networks for $2.80 per share in cash, representing a 51% premium to Ceragon's recent trading average. This nonbinding proposal aims to create a leading wireless transport solutions company, enhancing operational efficiencies and competitive positioning through significant synergies estimated at $35 million. Aviat, holding over 5% of Ceragon's shares, is calling for an extraordinary general meeting to elect new directors to evaluate this acquisition. The proposal reflects Aviat's belief in delivering immediate value to Ceragon shareholders.
FAQ
What is the current stock price of Ceragon Networks (CRNT)?
What is the market cap of Ceragon Networks (CRNT)?
What does Ceragon Networks Ltd specialize in?
Who are Ceragon’s customers?
What are Ceragon’s core products?
Where does Ceragon generate most of its revenue?
What was a recent major achievement for Ceragon?
What significant acquisition did Ceragon make recently?
What are Ceragon’s revenue expectations for 2024?
What sectors does Ceragon serve with its private network solutions?
What innovative technology did Ceragon showcase at Mobile World Congress 2024?
How many countries does Ceragon operate in?
