On Monday, the NOW Corp. revealed its plans to collect the money, partially aimed at growth ventures of the organization this year. NOW Corp.
The listed business informed the local stock exchange that it plans to perform a capital raising operation within the year, which will reinforce and extend their capital base and facilitate a broader distribution of the company’s securities among a large range of public institutional investors.
In addition, the firm is planning to collect capital.
“NOW Corp. expects to partly fund its proposed growth programs by using the transaction’s proceeds,” added the company.
On April 8, PNB Capital and Investment Corp. was named as its “placement and subscription sale” issue manager, financial adviser and bookrunner.
‘In a meeting called to that end, the Board shall ratify the mandate for the said nomination. When the deal is finalized, the terms and conditions shall also be immediately revealed to the Exchange,” it added.
In a favorable judgment on its application for the transfer of frequencies for the purposes of its provisional mobile telecommunications scheme, the corporation declared on March 3 that its subsidiary, NOW Telecom, Inc., was granted its interim authority by the anti-red tape authority (ARTA).
‘The assignment of 220 megahertz, including 5G bands, to the NOW Telecom was released with an automated order of acceptance,’ said NOW Corp. in a press statement.
“NOW Telecom is seeking to grow as a dominant force in the telecommunication industry with this ARTA ruling and by granting frequencies,” said Rene L. Rosales, president and chief executive officer of NOW Telecom.