Airborne Wireless Network (OTCQB: ABWN) has advised stockholders regarding the company´s trading price on its common stock, the company said.
The CEO of the company addressed stockholder frustrations and said the company recently raised $8 million in the form of convertible preferred stock. The CEO said the company believes conversions by the investors in its convertible preferred stock have put downward pressure on the stock price, but the structure of the offering has the potential to generate significant additional proceeds.
As a result of the recent capital raise, and because of the Company´s confidence in its underlying business plan and the transformative potential of our technology, the Company is continuing to operate its business in the ordinary course, and will communicate any new material information to investors in a timely manner, compliant with our obligations under the law.
Airborne Wireless Network intends to create a high-speed broadband airborne wireless network by linking commercial aircraft in flight. It is projected that each aircraft participating in the network will act as an airborne repeater or router, sending and receiving broadband signals from one aircraft to the next and creating a digital information superhighway in the sky.â©