Metawave Announces Initial Public Offering

Smart antenna provider Metawave Communications Corp. (Redmond, WA) is planning the initial public offering of 6,250,000 shares of its common stock at a price of $9.00 per share. The shares began trading on April 27, 2000. Merrill Lynch & Co., Salomon Smith Barney and U.S. Bancorp Piper Jaffray are managing underwriters for this offering. Net proceeds will be used for general corporate purposes. The company has granted the underwriters an option to purchase up to 937,500 additional shares of common stock to cover over-allotments, if any.

Metawave provides smart antenna systems to wireless network operators facing capacity constraints in the wireless communications industry. Its SpotLight smart antenna systems consist of antennas that improve the reception and transmission of radio signals through the use of our proprietary software. The company believes that wireless operators can increase overall network capacity, improve or maintain network quality, reduce network-operating costs, and better manage network infrastructure by implementing its systems.

Edited by Ellen Jensen