In a move that drove up its shares 6 cents following the announcement, Global Signal Inc. said it plans to sell 2.9 million common shares. The company intends to acquire 233 communication sites in 13 states, such as Alabama, Michigan and New Hampshire, with the proceeds. Morgan Stanley, Banc of America Securities L.L.C. and Raymond James will underwrite the project, according to the prospectus.
Telephone and Data Systems Inc. said it will restate parts of its financial statements for the past three quarters, but said the move was a reclassification of cash flows and would not change the company’s bottom line. TDS owns 82 percent of U.S. Cellular Corp., and the reclassification of cash flows involves the carrier’s debt repayments.
Loudeye Corp. expects to raise $25 million in a private placement of common stock, the digital media company said. Loudeye, which powers mobile music identification applications and digital storefronts, said it will sell 16.8 million shares as well as warrants to purchase 5 million more to certain institutional investors. The company will use the net proceeds for working capital and other general corporate purposes. Shares of the Nasdaq-listed company were down 1 cent to $2.05 following the announcement.
Zi Corp.’s shares jumped more than 20 percent to around $6.40 per share-the stock’s highest level in more than two years-just before Christmas, on news of the company’s deal with the world’s No. 1 mobile-phone manufacturer Nokia Corp. Zi said Nokia licensed the company’s eZiText predictive text input software for use in mobile phones. Zi did not immediately answer questions on how the deal would affect its revenues. The company’s software can interpret what words users want to spell with their 10-key mobile-phone keypads. In most cases users need only tap each key once-rather than several times-to spell words. Many of the world’s largest mobile-phone makers already use the company’s software.
