Straight Path Communications Inc. (NYSE MKT: STRP) has secured USD 17.5m in new debt financing, the company said.
The all-new funding comes from a syndicate of investors, led by affiliates of long-term shareholder Clutterbuck Capital Management LLC.
The loan is senior secured and the lenders have initially received approximately 252,000 warrants with a strike price at USD 34.70, as part of the financing package.
Straight Path (NYSE MKT: STRP) holds a portfolio of 39 GHz and 28 GHz wireless spectrum licenses. It is developing next generation wireless technology through its Straight Path Ventures subsidiary.