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TECH: Antenna Maker Expects to Have at Least $9.8M to Work With
After a 15-month absence, a rare bird called the IPO returned to San Diego.
Airgain Inc. - which makes antennas for mobile devices and household devices such as routers and set top boxes - completed San Diego's first initial public offering of the year.
It was actually the first since May 2015, when ATyr Pharma Inc. raised $75 million.
At $12 million, Airgain's IPO was smaller than the biotech's. The Carmel Valley-based antenna specialist announced Aug. 12 that it had priced 1.5 million shares at $8 per share. Northland Capital Markets and Wunderlich underwrote the offering.
Airgain (Nasdaq: AIRG) expects to have $9.8 million to work with (or $11.5 million if the underwriters exercise their options to the fullest extent) after subtracting expenses.
The business was very general when laying out its plans. Airgain said it would use its new funds for working capital and general corporate purposes, including sales and marketing, product development and capital expenditures. In...