Casa Systems (NASDAQ:CASA) shares jumped more than 40% premarket after announcing that Verizon (NYSE:VZ) will invest approximately $40M in the company's common stock, resulting in a 9.9% ownership stake.
The company also won a multi-year purchase contract to provide its 5G core network functions to Verizon (VZ), helping power the company’s public Mobile Edge Compute (MEC) service offering.
“This announcement is an important milestone for our 5G Core and Security Gateway technology, as well as the growth potential of our business,” said Jerry Guo, President and CEO of Casa Systems.
9 replies (most recent on top)
Perhaps there is a connection. One of the largest shareholders in Casa is Blackrock. Who sits on the board of Blackrock?
The company once had an opportunity to buy Netflix for less than a billion dollars and passed it up
They should be buying Netflix at a discount right now, not this garbage. So many bad choices AOL, Yahoo, Go 90 what is this company doing ???
Verizon always buys dying companies because they need write offs.
Stratton has to be snickering somewhere!
Did not even know such a co. Existed....ohhh well...same old
This investment means that no one at the company knows how to make money off of 5G. This is truly scary. 5yeee was supposed to be the savior, now the company is investing in a new player to the 5yeee space.
Another company soon to be destroyed.
Did we overpay again?