FALLS CHURCH, Va.-Terabeam Wireless, the operating arm of YDI Wireless Inc., which develops and supplies broadband wireless solutions, announced it has repurchased almost 4.2 million shares of its common stock from Michael Young, former president and chief technology officer of Terabeam.
The 4.2 million shares represent 15.5 percent of the company’s nearly 27 million shares of common stock outstanding,
“We are very pleased to announce this repurchase for a number of reasons,” explained Robert Fitzgerald, the company’s chief executive officer. “For example, we have significantly reduced our number of outstanding common shares. Given that Mike is no longer affiliated with the company, he had begun selling his shares in the market and had plans for additional significant sales. Our purchase removes that significant seller from the market. In summary, we believe this purchase is very beneficial to the company and has better positioned our stock for future market price increases.”
YDI was trading down slightly at $2.04 per share following the news.
