Powerwave (PWAV +71.1%) skyrockets after reaching a credit agreement with private P-Wave...

|By:, SA News Editor

Powerwave (PWAV +71.1%) skyrockets after reaching a credit agreement with private P-Wave Holdings that could save the troubled base station amplifier maker from bankruptcy. P-Wave has lent $35M to Powerwave, will provide another $15M upon request, and will consider requests for up to $100M more. As part of the deal, P-Wave receives warrants to purchase 2.625M Powerwave shares at a price of $0.50/share; following today's move, Powerwave is changing hands at $0.653.