WASHINGTON (Reuters) - IDT Spectrum Inc., which is developing a wireless network platform to provide high-bandwidth connectivity, on Monday filed with regulators to sell up to $57.5 million in an initial public offering of Class B common stock.
The company was formed in January by Winstar Holdings, a subsidiary of Newark, New Jersey-based telephone calling card provider IDT Corp..
IDT Spectrum will set the price of its shares in an auction process known as an OpenIPO, according to the registration statement filed with the U.S. Securities and Exchange Commission.
The filing did not say how many shares the company plans to sell in the offering, which WR Hambrecht & Co. is underwriting.
IDT Spectrum, which holds licenses for a large and broad collection of commercial fixed wireless spectrum in the United States, said it will serve customers in multiple markets by providing backhaul and last-mile connectivity to interstate communications networks.
It will use the proceeds from the IPO to continue the development and field trials of its operations management platform and equipment, for sales and marketing, for working capital, and for general corporate purposes.
For the nine months ended April 30, IDT reported a net loss of $4.29 million on $1.35 million in revenue.
The company intends to list its stock on the Nasdaq under the symbol "GIGZ."
http://news.yahoo.com/s/nm/20050829/wr_nm/idtspectrum_ipo_dc
The company was formed in January by Winstar Holdings, a subsidiary of Newark, New Jersey-based telephone calling card provider IDT Corp..
IDT Spectrum will set the price of its shares in an auction process known as an OpenIPO, according to the registration statement filed with the U.S. Securities and Exchange Commission.
The filing did not say how many shares the company plans to sell in the offering, which WR Hambrecht & Co. is underwriting.
IDT Spectrum, which holds licenses for a large and broad collection of commercial fixed wireless spectrum in the United States, said it will serve customers in multiple markets by providing backhaul and last-mile connectivity to interstate communications networks.
It will use the proceeds from the IPO to continue the development and field trials of its operations management platform and equipment, for sales and marketing, for working capital, and for general corporate purposes.
For the nine months ended April 30, IDT reported a net loss of $4.29 million on $1.35 million in revenue.
The company intends to list its stock on the Nasdaq under the symbol "GIGZ."
http://news.yahoo.com/s/nm/20050829/wr_nm/idtspectrum_ipo_dc
