T2 Raises Stake in Iridium Communications, Inc. (IRDM) to 9.3%
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In a 13D filing on Iridium Communications, Inc. (NASDAQ: IRDM), hedge fund T2 disclosed a 9.3%, or 6,529,338 share, stake in the company. This is up 405.19% from the 1,292,460 shares held at the end of the latest quarter ending March 31, 2011.
T2 acquired the share on the belief they were undervalued and represented an attractive investment opportunity.
From the Purpose of Transaction section of the filing:
The Reporting Persons originally acquired the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.
(a) The Reporting Persons have current intentions to purchase up to 100% of the outstanding shares of certain warrants (trading as IRDMW), which would be exercisable into shares of the common stock. The Reporting Persons would acquire these shares through open market as well as privately negotiated transactions.
(j) The Reporting Persons intend to pursue conversations with management of the Issuer involving the company’s capital structure.
No Reporting Person has any present plan or proposal which would relate to or result in any of the other matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein.
For more notable holders of Iridium Communications, Inc. stock click here. For more information on T2 click here.
T2 acquired the share on the belief they were undervalued and represented an attractive investment opportunity.
From the Purpose of Transaction section of the filing:
The Reporting Persons originally acquired the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.
(a) The Reporting Persons have current intentions to purchase up to 100% of the outstanding shares of certain warrants (trading as IRDMW), which would be exercisable into shares of the common stock. The Reporting Persons would acquire these shares through open market as well as privately negotiated transactions.
(j) The Reporting Persons intend to pursue conversations with management of the Issuer involving the company’s capital structure.
No Reporting Person has any present plan or proposal which would relate to or result in any of the other matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein.
For more notable holders of Iridium Communications, Inc. stock click here. For more information on T2 click here.
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