Benzinga | Jun 16, 2021 10:44AM EDT

LightPath Forays In Boston Fiber Connectivity Market Armed By Three Acquisitions

* LightPath Technologies Inc (NASDAQ:LPTH) announced its foray into the Boston market for fiber connectivity solutions.

* LightPath announced three acquisitions in the region: Cambridge Network Solutions (CNS), Point 5 Network Solutions, and fiber network assets from Hub Fiber.

* The CNS and Point 5 acquisitions have closed. The Hub Fiber purchase will complete within a month.

* The transactions were funded with cash and will not have a material impact on the company's leverage.

* LightPath acquired over 80 route miles of in-place, high-count fiber network, which currently serves over 100 locations, including 12 area data centers throughout Boston, Cambridge, Somerville, Waltham, Burlington, Billerica, Bedford, and Lowell.

* Additionally, LightPath's network in the region will be connected to its New York Metro network, expanding on the existing 18,000 route miles of fiber serving over 12,000 locations.

* LightPath held $5.9 million in cash and equivalents as of Mar. 31, 2021.

* Price action: LPTH shares traded higher by 0.20% at $2.55 on the last check Wednesday.