Exercise Period for Iridium's $7 Warrants to End on February 14, 2013
MCLEAN, Va., Feb 12, 2013 (GLOBE NEWSWIRE via COMTEX) --
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 www.iridium.com. IRDM-F
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