Ceragon Networks Ltd. (NASDAQ: CRNT) said it has closed the sale of an additional 2,850,000 ordinary shares upon the exercise by the underwriters of their over-allotment option in connection with the recent follow on public offering at a price of USD2.00 per share.
After closing the over-allotment, the total number of shares sold by Ceragon in the public offering increased to 24,100,000 shares, which resulted in gross proceeds of USD48.2m and net proceeds of approximately USD45.1m after deducting underwriting discounts and estimated offering expenses.
Needham and Company acted as lead book-running manager of the offering. Oppenheimer and Co. acted as co-book runner.
Ceragon said it intends to use the net proceeds from the offering for general corporate purposes.
Ceragon Networks is a wireless hauling specialist providing innovative, flexible and cost-effective wireless backhaul and fronthaul solutions that enable mobile operators and other wired/wireless service providers to deliver 2G/3G, 4G/LTE and other broadband services to their subscribers.