Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Openwave Systems (formerly Phone.com & Software.com) (OPWV) -- Ignore unavailable to you. Want to Upgrade?

To: Eric L who wrote (168)	9/3/2003 12:43:47 AM
From: Jong Hyun Yoo	Read Replies (1) \| Respond to of 184

Any idea why OPWV is choosing to raise additional funds? Openwave Systems Inc. Announces Proposed Private Offering Of Convertible Subordinated Notes Tuesday September 2, 4:01 pm ET REDWOOD CITY, Calif., Sept. 2 /PRNewswire-FirstCall/ -- Openwave Systems Inc. (Nasdaq: OPWV - News) today announced that it intends to offer, subject to market conditions and other factors, $100,000,000 aggregate principal amount of convertible subordinated notes due 2008, plus up to an additional $15,000,000 of notes subject to the initial purchaser's option. The offering will be made only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933. The offering is expected to close during September, subject to customary closing conditions. Openwave intends to use the net proceeds from the offering primarily for additional working capital and other general corporate purposes, including potential acquisitions or strategic investments. Openwave has no specific agreements or commitments, and is not currently engaged in any negotiations, for any material acquisitions or strategic investments. In addition, Openwave expects to use a portion of the net proceeds to purchase a portfolio of U.S. government securities that will be pledged to secure the payment of the first six scheduled interest payments on the notes. The notes will otherwise be unsecured general obligations of Openwave. Each note will be convertible at any time at the holder's option into shares of Openwave's common stock. Holders of the notes will have the right to require Openwave to repurchase the notes upon the occurrence of specified change in control events. In addition, Openwave will have the right to redeem the notes for cash after a specified date in 2006 if the price of Openwave's common stock exceeds a specified threshold. The notes and the shares of common stock issuable upon conversion of the notes have not been registered under the Securities Act or any other securities laws. Unless they are registered, the notes and the shares of common stock issuable upon conversion of the notes may be offered and sold only in transactions that are exempt from registration under the Securities Act and any other applicable securities laws.