Towerstream Closes Stock Offering, Shares Decline

Towerstream Corp.’s stock has taken a beating since the fixed wireless broadband provider went public on the Nasdaq in late May.

Its share prices fell 3 percent during the first week of trading, however, and now the company has sold $40 million of its stock for less than market price. Towerstream announced last week it would do this to fund network expansion.

Towerstream closed the common stock offering on Monday. The company’s shares were trading for $3.95 Tuesday afternoon, down 2.23 percent. Towerstream’s stock debuted at $7.75 per share on May 31.

Towerstream Corp. www.towerstream.com