NJ TECH CORNER: pvdWireless, Inc.
Company Overview
pdvWireless, Inc. (NASDAQ: PDVW) is a private wireless communication carrier focused on utilizing its spectrum assets to develop and offer next-generation network and mobile communications solutions to critical infrastructure and enterprise customers. The company is the largest holder of licensed nationwide spectrum in the 900 MHz band in the United States and is currently pursuing a regulatory proceeding at the Federal Communications Commission aimed at modernizing and realigning the Part 90 900 MHz spectrum band for the future deployment of broadband and other advanced technologies and services. Best known for its Dispatch PlusTM two-way radio service, pdvWireless has deployed its communications networks in 7 major metropolitan market areas, including Atlanta, Baltimore, Washington D.C, Chicago, Dallas, Houston, New York and Philadelphia. The company was founded in 1997 as Pacific DataVision, Inc. in California, and changed its name to pdvWireless, Inc. after reincorporating in 2014. The Woodland Park-based company reported a total workforce of 90 full-time employees as of March 31, 2017.
Investment & Financial Information
|
Shares of common stock outstanding (as of December 31,2017): |
14,469,237 |
|
Share price of stock (as of Feb. 23, 2018) |
$32.75 |
|
Share price of stock (one year ago) |
$23.35 |
|
Current valuation (as of Feb. 23, 2018) |
$473.86 million |
|
Valuation one year ago |
$333.92 million |
|
Stock Symbol: |
(NASDAQ: PDVW) |
|
Revenues (as of 9 months ended Dec. 31, 2017)
|
$4.58 million |
|
Revenues (as of 9 months ended Dec. 31, 2016) |
$3.52 million |
|
Net Income (Loss) (as of 9 months ended Dec. 31, 2017)
|
($21.83 million) |
|
Net Income (Loss) (as of 9 months ended Dec. 31, 2016)
|
($25.172 million) |
Management Team
|
Name |
Age |
Title |
|
Brian D. McAuley |
76 |
Chairman |
|
Morgan E. O’Brien |
72 |
Vice Chairman |
|
John C. Pescatore |
53 |
CEO, President |
|
Robert H. Schwartz |
51 |
Chief Strategy and Development Officer |
|
Frank Creede |
59 |
Chief Technology Officer |
|
Timothy Gray |
47 |
Chief Financial Officer |
Board of Directors
|
Name |
Age |
Title |
|
Brian D. McAuley |
76 |
Chairman; Chairman, Imagine Tile, Inc.; Co- Founder, Nextel Communications, Inc.* |
|
Morgan E. O’Brien |
72 |
Vice Chairman; independent consultant to several wireless-start-ups; former Chairman and Co-founder of Nextel Communications, Inc; board member of several private companies and charitable organizations |
|
John C. Pescatore |
53 |
CEO and President |
|
T. Clark Akers |
59 |
Managing Director, SBIC Funds Placement Division at FBR & Co.**; member of advisory boards of Pharos Capital Group and Hill Capital Partners; board member of Fred Jones Companies; Founder, Vice President and member of board of managers, Continuum 700 LLC |
|
Mark Hennessy |
59 |
Retired IBM executive; board member, Covenant House International |
|
Paul Saleh |
60 |
Executive Vice President and Chief Financial Officer, DXC Technology Company as |
|
Peter G. Schiff |
65 |
Managing Partner, Northwood Ventures; Director of Northwood’s portfolio companies; Trustee and Secretary, Hofstra University; member of Joint Board of Overseers of Hofstra Northwell Board of Medicine |
|
John C. Sites |
65 |
Partner, Wexford Capital |
*Mr. McAuley is no longer with Nextel
**FBR & Co. was acquired by B Riley Financial in June 2017
Noteworthy Control*
|
Name |
Shares of common stock owned |
% of total common shares |
|
Cerberus Capital Management |
3,506,457 |
24.23% |
|
Owl Creek Asset Management LP |
2,393,097 |
16.54% |
|
FIE II LLC |
1,500,000 |
10.37% |
|
TSSP Sub-Fund Hold Co LLC |
1,323,415 |
9.15% |
|
Vanguard Group |
1,245,751 |
8.61% |
|
American Money Management Corp. |
1,112,500 |
7.69% |
|
QVT Financial LP |
516,274 |
3.57% |
*As of Dec. 31, 2017
[All information for NJ Tech Corner was taken from the company’s annual reports and proxy statements and other company sources, with the exception of the company’s stock price and valuation.]
