Anterix (ATEX, Financials) shares jumped 26% to $35.91 at 11:47 am GMT-5 on Tuesday after the company announced it has engaged Morgan Stanley & Co. LLC as a financial advisor to initiate a strategic review process in response to inbound interest, Anterix said in a statement.
Providing private wireless broadband solutions for utilities, the business said the assessment is to evaluate chances to profit from rising demand for its products. Anterix pointed out that there is no guarantee of the result and did not provide a chronology for finishing the procedure.
Anterix separately launched a new industry engagement project intended to hasten the implementation of 900 MHz private wireless broadband networks. Along with possible alliances with members of its 120-plus firm ecosystem, the corporation said the endeavor will entail a review of pricing, payment arrangements, and ownership conditions.
Anterix's president and CEO, Scott Lang, said the project is meant to cut the time frame for utilities to benefit from private wireless broadband networks. Utilities trying to upgrade grid communications have already shown great interest in the startup, he pointed out.
As the leading provider of private wireless broadband, zero debt, and a strong customer pipeline, it does not surprise us that we have had some inbound strategic interest, Lang said.
The business underlined once again that it would provide updates on the strategic review process in line with legal responsibilities.
Anterix is set to report third-quarter fiscal 2025 earnings on Wednesday at 9 a.m. ET.
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