Starry Announces Adjustment to Warrant Exercise Price

Rhea-AI Summary

Starry Group Holdings (NYSE: STRY) announced adjustments to its warrant agreement, reducing the exercise price from $11.50 to $9.13 per 1.2415 shares of Class A common stock. Additionally, the redemption trigger prices were lowered to $14.29 and $7.94 from $18.00 and $10.00, respectively, effective April 22, 2022. These changes were necessitated by recent capital-raising activities, including issuing shares at $7.50 per share.

Positive

• Warrant exercise price reduced, potentially increasing demand for shares.
• Lower redemption trigger prices may enhance shareholder value.

Negative

• Reduction in exercise price might indicate lower market confidence in stock value.
• Lower redemption triggers could suggest financial instability or dilution concerns.

BOSTON--(BUSINESS WIRE)-- Starry Group Holdings, Inc. (the “Company” or “Starry”) today announced that in accordance with the terms of the warrant agreement governing (the “Warrant Agreement”) its outstanding warrants (CUSIP number 85572U 110) (the “Warrants”) to purchase 1.2415 shares of Class A common stock, par value $0.0001 per share (the “Class A common stock”), the warrant exercise price will be reduced from $11.50 per 1.2415 shares to $9.13 per 1.2415 shares. In addition, the Company announced the adjustment of the $18.00 per share redemption trigger price described in the Warrant Agreement to $14.29 per share and the adjustment of the $10.00 per share redemption trigger price described in the Warrant Agreement to $7.94 per share. Each of these adjustments was effective as of the close of trading on April 22, 2022.

These adjustments were required pursuant to the Warrant Agreement as a result of the Company issuing shares of its Class A common stock and securities exchangeable for shares of Class A common stock at an issue price of $7.50 per share for capital raising purposes in connection with the closing of its business combination with FirstMark Horizon Acquisition Corp.

About Starry Group Holdings, Inc.
At Starry (NYSE: STRY), we believe the future is built on connectivity and that connecting people and communities to high-speed, broadband internet should be simple and affordable. Using our innovative, wideband hybrid-fiber fixed wireless technology, Starry is deploying gigabit capable broadband to the home without bundles, data caps, or long-term contracts. Starry is a different kind of internet service provider. We’re building a platform for the future by putting our customers first, protecting their privacy, ensuring access to an open and neutral net, and making affordable connectivity and digital equity a priority. Headquartered in Boston, Starry is currently available in Boston, New York City, Los Angeles, Washington, DC, Denver and Columbus, OH. To learn more about Starry or to join our team and help us build a better internet, visit: https://starry.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220425005302/en/

Investors Relations

Ben Barrett, Starry

bbarrett@starry.com

investors@starry.com

Media

Mimi Ryals, Starry

mryals@starry.com

press@starry.com

Source: Starry, Inc.

FAQ

What is the new warrant exercise price for Starry Group Holdings (STRY)?

The new warrant exercise price is $9.13 per 1.2415 shares.

When were the adjustments to the warrant agreement for STRY effective?

The adjustments were effective as of April 22, 2022.

What are the new redemption trigger prices for STRY's warrants?

The new redemption trigger prices are $14.29 and $7.94.

Why did Starry Group Holdings (STRY) adjust its warrant agreement?

The adjustments were due to issuing shares at $7.50 per share for capital raising.