Comtech Telecommunications Corp. Announces Completion of Private Placement of Common Stock
July 17, 2003 at 4:50 PM EDT
MELVILLE, N.Y., Jul 17, 2003 (BUSINESS WIRE) --
Comtech Telecommunications Corp. (Nasdaq: CMTL) reported that it has completed a sale subject to customary closing matters, in a private placement, of 2,100,000 shares of its common stock for an aggregate price of approximately $40.6 million (or $19.33 per share). The number of shares and the per share price reflect the Company's 3-for-2 stock split which was effective after the markets closed on July 14, 2003.
The Company intends to use the net proceeds of the sale of shares to prepay long-term debt and for other corporate purposes and has agreed to register for resale the shares sold in the private placement.
The securities offered and sold in the private placement have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy the securities. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933, as amended.
This press release contains statements that are forward-looking in nature and involve certain significant known and unknown risks, uncertainties, potential delays and other factors. As a result, actual events could differ materially from such forward-looking statements. Any forward-looking statement in this news release is qualified in its entirety by such risks and uncertainties.
SOURCE: Comtech Telecommunications Corp.
Comtech Telecommunications Corp.
Fred Kornberg or Robert G. Rouse
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