MIDDLETOWN – Fixed wireless service provider Towerstream Corp. today announced it has closed on the sale of 10 million shares of its common stock at an aggregate price of $40 million.

Lazard Capital Markets LLC served as lead placement agent for the registered direct public offering. Canaccord Adams Inc. and Morgan Joseph & Co. Inc. served as co-placement agents.

“The proceeds … will provide us with the capital to build out our target markets and solidify our position as a WiMAX leader,” Towerstream President and CEO Jeff Thompson said in announcing the offering on June 6.

Towerstream Corp. (Nasdaq Capital Market: TWER) provides WiMax wireless broadband services to businesses in the New York, Chicago, Miami, Los Angeles, San Francisco, Seattle, Boston and Providence/Newport markets. Additional information is available at www.towerstream.com.