ARLINGTON, Va.-Omnipoint Corp. announced the successful completion of a follow-on public offering of 6.9 million shares of its common stock at $26 per share.
The offering consisted of 4.5 million shares of common stock sold by the company and 1.5 million shares sold by certain stockholders of the company, said Omnipoint. In addition, the underwriters exercised their option to purchase an additional 900,000 shares from certain stockholders.
Proceeds from the secondary offering were $111.5 million after deducting underwriting discounts and commissions. Donaldson, Lufkin & Jenrette Securities Corp. was lead manager and Allen & Company Inc., Goldman, Sachs & Co., Montgomery Securities and Salomon Brothers Inc. were co-managers of the underwriting group, said Omnipoint.
Omnipoint said it intends to provide wireless communication services in areas covering more than 40.3 million pops, primarily in the Northeast region of the United States.
