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NextNet Wireless Inc., the Bloomington firm whose high-speed, cellular-like Internetaccess system has popped up in several small cities and a few big ones, is continuing to work its latest private stock offering to pay down debt and fuel growth plans.
According to recent securities filings, NextNet recently converted $8.1 million in principal and interest due on outstanding notes into preferred stock. The company also sold Mark Reilly about $1.4 million worth of additional stock and continues to seek another $10 million or so in funding.
Officials at NextNet could not be reached for comment.
Investors in NextNet, who include Doll Capital of Menlo Park, Calif., and JAFCO America Ventures of Palo Alto, Calif., have put about $19 million into NextNet in previous rounds.
The company is a descendant of the defunct wirelesstechnology firm Racotek Corp. and a cousin to Minneapolisbased consultancy Zamba Corp., which spun out NextNet in 1998 and still owns about 20 percent of the company. (Zamba's NextNet shares, in fact, are an important...