The underwriters of Vyyo Inc.’s recent initial public offering exercised their options to purchase the entire over-allotment of more than 1 million shares of common stock, bringing the total offering size to approximately 7.7 million shares at $13.50 per share. The underwriters included Banc of America Securities L.L.C., CIBC World Markets Corp., Dain Rauscher Inc. and W.R. Hambrecht+Co. L.L.C.
Former executives from Microsoft Corp., RealNetworks and Sprint PCS have formed a new company called ViAir Inc., a wireless application service provider created to build a wireless Internet presence for clients. It has received about $8 million in initial financing from the Barksdale Group.
Wireless location information and services provider U.S. Wireless Corp. received notice of allowance from the U.S. Patent Office for four of its principal patents covering aspects of the company’s multipath pattern matching technology. The company said an important area of intellectual property covered by the patent filings focuses on its strength in locating wireless calls in urban areas, where triangulation or global positioning system products may suffer from signal blockage.
Wireless infrastructure provisioning provider, qServe Communications Inc. closed on $15 million of equity in a Series A round of financing. The investment, led by Talisman Capital and Tudor Investment Corp., will allow qServe to continue its strategy of rapid expansion, according to John Taylor, chief executive officer of the company. “We plan on using the $15 million of equity from the Series A round of financing to acquire companies in the wireless engineering, installation and maintenance industry,” explained Taylor.
Arch Communications Group Inc. completed its agreement with Resurgence Asset Management L.L.C. in which Resurgence received 1 million shares of Arch’s series D convertible preferred stock in exchange for $91 million accredited value of 10.875-percent senior discount notes due 2008. Resurgence also agreed to sell $53.8 million maturity value of 10.875-percent senior discount notes to a third party to be selected by Resurgence that will, in turn, exchange such notes for 3.5 million shares of common stock at an exchange ratio of 66.13 shares per $1,000 note.
