Aerkomm closes USD 43.5m in funding

Aerkomm Inc. (OTCQX: AKOM) has announced it has sold a total of 5,124,706 shares common stock at USD 8.50 per share, or gross proceeds of USD 43,560,000 before expenses and underwriting commissions in its ongoing public offering, the company said.

As previously disclosed, the Company announced an offering of between USD 5 million and USD 60 million (with an over-subscription allotment of up to an additional USD 9,000,000) of its common stock. Boustead Securities, LLC is sole underwriter for this “best efforts” offering.

The Company plans to use the net proceeds of the offering for general corporate purposes, including working capital, product development, marketing activities, expanding its internal organization and certain capital expenditures including the purchase of land for the building of its first ground station and data center in the Asia region.

Aerkomm Inc. (OTCQX: AKOM), operating through its wholly owned subsidiary, Aircom Pacific, Inc., is a development stage service provider of in-flight entertainment and connectivity solutions for the airline industry.

Boustead Securities, LLC is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base.