Exercise Period for Iridium's $7 Warrants to End on February 14, 2013
Units to Convert to Common Stock; Warrants and Units to be Delisted
MCLEAN, Va., Feb. 12, 2013 (GLOBE NEWSWIRE) -- Iridium Communications Inc.
(Nasdaq:IRDM) ("Iridium") today announced that, as provided in the Amended and
Restated Warrant Agreement governing its outstanding $7.00 warrants, which
trade on the NASDAQ Global Select Market under the symbol IRDMW (the
"Warrants"), the exercise period for the remaining Warrants will end on
February 14, 2013. The expiration of the Warrants will have no effect on
Iridium's common stock, but will result in the conversion of Iridium Units
(the "Units"), which consist of one share of Iridium common stock and one
Warrant, into shares of common stock. The Units trade on the NASDAQ Global
Select Market under the symbol IRDMU.
Trading in both the Warrants and Units will cease after the market closes on
February 14, 2013, and Iridium's transfer agent, American Stock Transfer &
Trust Company, LLC, will no longer accept exercises of the Warrants after that
date. The Warrants and Units will be delisted shortly thereafter, and Units
that have been converted into shares of common stock will trade under
Iridium's common stock symbol (IRDM). As of February 8, 2013, there were
236,025 Warrants and 419,976 Units outstanding.
As previously announced on December 3, 2012, Iridium completed an exchange
offer for the Warrants.The Company offered holders of the Warrants one share
of common stock for every six Warrants tendered (equivalent to approximately
0.1667 shares for every Warrant tendered). When the offer expired on Friday,
November 30, 2012, holders of approximately 8.3 million Warrants, or
approximately 93% of the outstanding Warrants, had tendered their Warrants
pursuant to the tender offer.
About Iridium Communications Inc.
Iridium is the only mobile voice and data satellite communications network
that spans the entire globe.Iridium enables connections between people,
organizations and assets to and from anywhere, in real time.Together with its
ever-expanding ecosystem of partner companies, Iridium delivers an innovative
and rich portfolio of reliable solutions for markets that require truly global
communications.The company has a major development program underway for its
next-generation network – Iridium NEXT.Iridium Communications Inc. is
headquartered in McLean, Va., U.S.A., and its common stock trades on the
NASDAQ Global Select Market under the ticker symbol IRDM.For more information
about Iridium products, services and partner solutions, visit
The Iridium Communications Inc. logo is available at
CONTACT: Investor Contact:
Iridium Communications Inc.
+1 (703) 287-7570
Iridium Communications Inc.
+1 (703) 287-7476
Iridium Communications Inc. logo
Press spacebar to pause and continue. Press esc to stop.