Internap (NASDAQ: INAP) traded 26% higher mid-day after the company announced the private placement of approximately 23.8 million shares of its common stock at a price of $1.81 per share, for total gross proceeds of approximately $43 million. The funding in the private placement is provided by a group of investors that include affiliates of or funds managed by GAMCO Investors, Inc. and accounts advised by Avenir Corporation. The company intends to use the net proceeds of the offering to reduce debt. The settlement date for the transaction is February 27, 2017. Additionally, INAP reaffirmed guidance for 2016, including revenue of $297 million to $300 million, and its guidance for 2017, involving revenue of $275 million to $285 million. “The speed with which our new team is moving to right-size our business and invest in sales and marketing to capture strong market demand for Colocation and Cloud services is impressive. The next steps in the 2017 transformation of the new INAP is to approach the market as two pure plays, complete our debt refinancing, and begin to consider strategic opportunities to bolster our organic growth,” president and CEO Peter D. Aquino stated in the news release.
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About INAP
Internap Corporation (NASDAQ: INAP) is a technology provider of internet infrastructure through both Colocation Business and Enterprise Services (including network connectivity, IP, bandwidth, and Managed Hosting), and Cloud Services (including enterprise-grade AgileCLOUD 2.0, Bare-Metal Servers, and SMB iWeb platforms). INAP’s global high-capacity network connects 15 company-controlled Tier 3-type data centers in major markets in North America, 34 wholesale partnered facilities, and points of presence in 26 central business districts around the world. INAP continues to transform since its inception in 1996, meeting customer demand for custom solutions and high-touch state-of-the-art colocation and cloud products and services. INAP now operates a premium business model that also provides high-power density colocation, low-latency bandwidth, and public and private cloud platforms in an expanding internet infrastructure industry. For more information, visit www.inap.com.
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