Aerkomm raises USD31.5m in funding through stock sale

Aerkomm Inc. (OTCQX: AKOM) has announced the sale of 3,709,873 shares of its common stock at $8.50 per share or $31,533,920.50 in gross proceeds, the company said.

As previously disclosed, the Company announced an offering of between $5 million and $69 million (including an over-subscription allotment of $9,000,000) of its common stock.

Boustead Securities, LLC is sole underwriter for this “best efforts” offering. Aerkomm continues to accept subscriptions in its offering at $8.50 per share up to a maximum of $69 million. The offering will remain open till August 5, 2018 and may be extended to a date up to and including September 4, 2018, as described in its prospectus.

The Company plans to use the net proceeds of the Offering for general corporate purposes, including working capital, product development, marketing activities, expending its internal organization and other capital expenditures including, if it raises a sufficient amount of capital, 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.