--News Direct--
IotaComm, Inc. ("IotaComm" or the "Company"), a leading private wireless communications and Internet of Things (IoT) solution provider, announced today that it has successfully completed the acquisition of Iota Spectrum Partners, LP ("the Partnership"). As a result of the transaction, IotaComm now owns 100% of the outstanding partnership units and, accordingly, consolidates full ownership and control of its nationwide FCC-licensed 800 MHz spectrum portfolio.
The acquisition was completed through a structured Tender Offer to Exchange, whereby holders of the Partnership Units received shares of IotaComm Common Stock at an exchange ratio of 0.0125 shares for every 1 Partnership Unit. With the closing of the acquisition, former Partnership Unit holders collectively own more than 80% of IotaComm’s outstanding Common Stock. The consolidated ownership positions IotaComm to better execute its strategic vision of building the nation’s leading carrier-grade, low-power, wide-area network (LPWAN) dedicated to smart buildings, smart cities, and the future of data-driven infrastructure.
"This transaction marks a significant milestone in IotaComm’s evolution," said Terrence DeFranco, Chairman and CEO of IotaComm. "By unifying the ownership of our licensed spectrum assets under a single corporate structure, we have simplified our business model, strengthened our financial and operational foundation, and enhanced our ability to raise growth capital. This positions IotaComm to accelerate the deployment of our nationwide LPWAN network, expand our data services, and drive innovation at the intersection of connectivity, data analytics, and sustainability."
IotaComm’s network leverages LoRaWAN® technology — the globally recognized open standard for secure, low-power, wide-area IoT connectivity — and the Company is an active participant in the LoRa Alliance®. With full ownership of its FCC-licensed spectrum portfolio, IotaComm is uniquely positioned to deliver a premium, carrier-grade LoRaWAN® service offering that enables new possibilities for smart building, smart city, and industrial IoT applications across the United States.
The decision to pursue full consolidation was unanimously recommended by the Board of Directors of IotaComm and the General Partner of the Partnership after careful evaluation. The unified structure is expected to eliminate complexities that previously hindered valuation and financing opportunities and to improve the Company’s strategic flexibility. With this consolidation, IotaComm owns approximately 500 million MHz-pops of licensed spectrum, a critical strategic asset valued at approximately $84 million.
IotaComm remains focused on enabling a healthier, safer, and more sustainable society by providing ubiquitous IoT connectivity and valuable data-driven insights to customers across the commercial, municipal, and industrial sectors. The Company expects that the strengthened corporate structure will support its continued growth and leadership in the fast-expanding market for smart infrastructure solutions.
About IotaComm, Inc.
IotaComm® is a private wireless communications and data services company that provides secure, carrier-grade low-power connectivity for the Internet of Things (IoT). Through its nationwide FCC-licensed 800 MHz spectrum portfolio and proprietary Delphi360TM platform, IotaComm® delivers critical data-driven solutions for smart buildings, smart cities, and sustainable infrastructure. IotaComm® leverages the globally adopted LoRaWAN® standard and is a member of the LoRa Alliance®, the leading global association driving the adoption of LoRaWAN® worldwide. Headquartered in Research Triangle Park, NC, with operations in Allentown, PA, IotaComm is committed to innovation, sustainability, and delivering value for customers, communities, and shareholders.For more information, visit www.iotacomm.com.
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our beliefs regarding the role that IoT will play in the future, our ability to implement our strategic goals, our ability to raise capital and reduce costs, and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, and financial condition. Factors that could cause actual results to differ materially from those currently anticipated include, but are not limited to: risks related to our growth strategy; risks relating to the results of research and development activities; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; our dependence on third-party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
Contact Details
IotaComm, Inc.
Kim Velez, Chief of Staff to the CEO
+1 484-861-2994
Company Website
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