NASDAQ debut for Michelmores' technology client Cambium Networks
Technology business Cambium Networks, which has a key subsidiary and R&D centre based in Ashburton, Devon, has completed its initial public offering of 5,800,000 ordinary shares for total gross proceeds of $69.6 million, before deducting underwriting discounts and commissions and other offering expenses payable by Cambium.
Cambium Networks, formed when Motorola sold off the Orthogon and Canopy wireless broadband entities in 2011, provides wireless broadband networking infrastructure solutions for network operators, including medium-sized wireless Internet service providers, enterprises and government agencies. Cambium Networks is headquartered outside Chicago and with R&D centres in the U.S., U.K. and India
Michelmores' Corporate team, led by partner Richard Cobb, has been advising Cambium Networks on the UK law aspects of the IPO and supports the business on general legal matters.
Cambium Networks formed when Motorola sold off the Orthogon and Canopy wireless broadband entities in 2011. The deal was backed by San Francisco technology PE firm Vector Capital.
Michelmores has acted for the group since 2011. Head of Corporate Richard Cobb, has acted for them at a previous firm, since before the 2006 Motorola deal on various private equity and corporate issues.
Cambium Networks debuted on NASDAQ on 26 June 2019 with a market cap of over $300m, with the offering closing on 28 June 2019. JP Morgan and Goldman Sachs were the joint bookrunners.
Richard Cobb, Head of Michelmores' Corporate team, said: "We are immensely proud to have played a small role in helping Cambium Networks, which has strong roots in Devon, make its debut on NASDAQ – the world's leading technology stock exchange. We hope the business will inspire other UK technology entrepreneurs and their backers to dream big and become global players".