12.03.2014 12:07:19
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Shah Capital Opportunity Increases Ownership In UTStarcom - Quick Facts
(RTTNews) - UTStarcom (UTSI), a global telecommunications infrastructure provider, announced that it entered into a Share Subscription Agreement with Shah Capital Opportunity Fund LP on March 11, 2014. The transaction was consummated on the same date.
As per the Subscription Agreement, Shah Capital subscribed for and purchased 2 million shares of common stock, with par value US$0.00375 per share, from the Company for a price of $2.67 per share. This price represents 1.3% premium to the 30-day weighted average of the Company's common stock price as of March 10, 2014.
Following the close of the transaction, Shah Capital's beneficial ownership in the Company increased from 21.9% to 26.0%. The purchase was made on top of the recent increase of ownership that occurred in January 2013, at which time Shah Capital increased its holdings from 17.2%.
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