Shares of Santa Ana-based Powerwave Technologies Inc. shot up more than 64% during morning trading on news of the company’s new credit agreement.
Powerwave has secured a new $50 million credit line with P-Wave Holdings LLC, an affiliate of Los Angeles-based private equity firm Gores Group.
Powerwave designs and manufactures wireless communication equipment, including cellular base station products.
The deal provides $35 million to Powerwave, with an agreement for an additional $15 million if Powerwave meets certain requirements. The credit agreement also allows Powerwave to request an additional $100 million.
P-Wave Holdings got warrants to buy 2.6 million shares of Powerwave stock.