Iridium Holdings LLC and GHL Acquisition Corp. have announced the close of their transaction. Effective immediately, GHL Acquisition's new name is Iridium Communications Inc., trading on the NASDAQ Global Select Market under the ticker symbols IRDM (common stock), IRDMW (warrants) and IRDMU (units). Additionally, Iridium announces the close of its offering of 16,000,000 newly issued shares of common stock.
“This is an important milestone in the life of Iridium, as we take the first critical step toward securing the funding required for development and launch of our next generation satellite constellation, becoming a public company and establishing the transparency expected of a company that serves the critical interests of businesses globally,” said Matthew J. Desch, chief executive officer of Iridium. “I especially want to thank the extraordinary team of Iridium employees and our growing network of value-added partners who are the driving force behind Iridium's success, as well as our investors for their faith in us.”
“Iridium is a strong company and an innovative competitor,” said Robert H. Niehaus, chairman of the board of directors of Iridium. “Today, with the close of this transaction, Iridium has a market cap of more than $785 million and a strong balance sheet with substantial cash. It marks the beginning of a very exciting time in the life of this very dynamic company.”
