BOCA RATON, FL--(Marketwired - Jun 17, 2014) - Airspan Networks Inc., a leading provider of 4G LTE RAN solutions, today announced that it had issued a notice to stockholders regarding a written consent of its majority shareholder Oak Investment Partners XI, Limited Partnership in lieu of a meeting of the Company's stockholders adopting an amended and restated certificate of incorporation and various matters in connection with the Company's issuance of 5,000 shares of Series E Preferred Stock for $5.0 million in cash and issued a warrant to unaffiliated institutional investors on June 10, 2014. The newly amended and restated certificate of incorporation, which became effective on June 10, 2014, also increased the authorized common stock from 2.0 million to 5.0 million shares and included various other amendments.
The approval of Oak, in its capacity as the sole holder of Airspan's outstanding Series B, Series C and Series D Preferred Stock, was the only stockholder approval required in connection with the exchange transaction. Following the Series E Preferred Stock transaction, Oak beneficially owned approximately 80.3% of the voting power of Airspan's capital stock assuming conversion of all outstanding shares of Preferred Stock and no exercise of outstanding options. Airspan will mail notice of such approval to shareholders in accordance with Delaware law. Please read such notice when it is available because it will contain important information. The notice and the other transaction documents described therein, including the new amended and restated certificate of incorporation will be available without charge on Airspan's website, www.airspan.com, or by writing to Airspan Networks Inc., 777 Yamato Road, Suite 310, Boca Raton, Florida 33431, Attention: Secretary. All information herein is qualified in its entirety by reference to the transaction documents and any further updates regarding the matter will be posted solely on Airspan's website and not by press release.
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Oak Investment Partners XI, Limited Partnership holds a controlling interest in Airspan. Airspan is not subject to the informational reporting requirements of the Securities Exchange Act of 1934 and, accordingly, does not file reports, financial statements, proxy statements, information statements or other information with the Securities and Exchange Commission. This press release contains forward-looking statements. All statements, other than statements of historical facts, including statements regarding our strategy, future operations, financial position, future revenues, projected costs, prospects, plans and objectives of management, may be deemed to be forward-looking statements. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "will," "would" and similar expressions or negative variations thereof are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. Investors and others are therefore cautioned that a variety of factors, including certain risks, may affect our business and cause actual results to differ materially from those set forth in the forward-looking statements. We do not assume any obligation to update any forward-looking statements.