Hammer Fiber Optics secures $10m Peak One funding
Hammer Fiber Optics has signed a definitive agreement with Peak One Opportunity Fund for a $10 million equity line of credit.
In June, it announced that it was nearing the completion of its Sierra Leone fixed wireless network and expansion of its global SMS messaging network.
“The first phase of the fixed wireless project in Sierra Leone has been deployed and customer tests are in progress. The wholesale voice project in Dominica is nearing completion and we are also seeing traction in our messaging business unit,” said Erik Levitt, Hammer’s CEO.
“The Peak One equity line will provide Hammer a flexible funding source to meet our cash flow needs.”
The details of the transaction, which was entered into on 8 October 2019, are available in an 8K disclosure.
While construction is progressing on networks in West Africa and with its partners in the Eastern Caribbean, Hammer’s subsidiary, 1stPoint Communications, has continued building out its robust SMS messaging platform.
Hammer Fiber Optics completed the acquisition of 1stPoint Communications and its subsidiaries Endstream Communications and Open Data Centers on 17 December 2018.
Building on its US messaging network and nationwide CMRS licence, 1stPoint is adding several international direct routes to tier one operators worldwide. As these interconnections are completed, messaging services are being offered to Hammer’s existing retail customers as well as on a wholesale basis.