SUNNYVALE, Calif.—Western Multiplex Corp. and Proxim Inc. completed their merger following the approval of both companies’ stockholders.
The former stockholders of Western Multiplex and Proxim each own approximately 50 percent of the combined company. The combined company has taken the name Proxim Corp.
For the first week following the merger, its stock will trade on the Nasdaq under the ticker symbol “PROXd,” and thereafter will trade under the symbol “PROX.”
In connection with the merger, the combined company appointed Jonathan Zakin as chairman and chief executive officer, David King as president and chief operating officer, Keith Glover as chief financial officer and Amir Zoufonoun as executive vice president of technology.
Under the terms of the merger agreement, each share of Western Multiplex common stock will remain outstanding and become one share of Proxim Corp. common stock, and each share of Proxim Inc. common stock has been converted into 1.8896 shares of Proxim Corp. common stock.
Proxim Corp. expects to issue approximately 60 million shares in the transaction.
