Comtech Telecommunications (Nasdaq: CMTL) has secured a $45 million strategic investment from current shareholders White Hat Capital Partners and funds affiliated with Magnetar.The company said the additional funding will help Comtech capitalize on its large contract awards and meet increasing customer demand for satellite communications technologies and next-generation terrestrial and wireless offerings.As part of the investment, Mark Quinlan, White Hat’s co-founder and managing partner who serves as an appointee of both firms on Comtech’s board of directors, will retain his seat.The transaction also involved exchanging all outstanding shares of the existing convertible preferred stock of Comtech for a new series of convertible preferred stock.”With White Hat’s investment experience within the technology sector and Magnetar’s breadth of investment experience in both private and public markets and across asset classes and capital structures, we value their continued support and are excited to strengthen our relationship with them at this key inflection point for the company,” commented Ken Peterman, chairman and CEO of Comtech.In October 2021, the two investment firms and Comtech inked a strategic investment deal with an initial value of $100 million. The funding was aimed at growing the company’s broadband and public safety portfolios.
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