FREMONT, Calif. -- In-flight entertainment group Aerkomm Inc. has announced more than $43.5 million in gross proceeds as part of its ongoing public offering.
The California-based group said it had sold a total of 5,124,706 shares of common stock at $8.50 per share, equating to $43,560,000 in gross proceeds before expenses and underwriting commissions.
The money will be used for general corporate purposes, including working capital, product development, marketing, corporate growth and other capital expenditures, including the purchase of land for its first ground station and data center in Asia.
"As we move closer to completing our current public offering, we have been executing on our business plan and positioning the company for much success in the future," said chair and CEO Jeffrey Wun.
The offering has been extended through September 5, with sales capping at $69 million in shares.
Aerkomm and its subsidiary, Aircom Pacific, Inc., is a development stage IFE provider. The company ultimately envisions a range of in-flight services, including entertainment, Wi-Fi connectivity and cellular networks.
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