pdvWireless/Anterix: Drops on upsized stock deal

Anterix

17/07/2019 17:16

** Anterix  ATEX.O  down 6.8% at $43.89 on Weds after
wireless telecom co prices upsized follow-on
    ** ATEX on course for biggest one-day pct fall since Mar;
busiest trading session in 3 years with >500k shares of volume
vs stock's 30-DMA of 82k
    ** Co sells 2.22 mln shares at $45 for gross raise of $100
mln  urn:newsml:reuters.com:*:nPn9cPfhDa
    ** Deal size increased from $85 mln, prices at 4.4% discount
to stock's Tues close; represents ~15% of ATEX shares
outstanding
    ** Co to use net offering proceeds to acquire additional
spectrum to qualify for broadband licenses, and pursue
regulatory initiatives at the FCC, among other uses    
    ** Morgan Stanley, JP Morgan and Evercore acted as joint
bookrunners for offering, joined by B. Riley FBR and
Craig-Hallum as co-mgrs
    ** pdvWireless, largest holder of 900 MHz spectrum in U.S.,
last month began operating under name Anterix and changed its
trading symbol to “ATEX” effective June 17
    ** On May 24, stock surged 12% to 4-yr high of $49.70 after
Craig-Hallum hiked its PT to $80 citing co's dominant market
position  urn:newsml:reuters.com:*:nL4N2303I8
    ** Just Craig-Hallum and B. Riley FBR currently cover ATEX;
both rate stock "buy"
    ** Despite Weds drop, ATEX up ~17% YTD

 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))