Comtech Telecommunications Corp. announced a $100.0 million investment by current shareholder White Hat Capital Partners LP and Magnetar Capital. White Hat and Magnetar will initially purchase $100.0 million of convertible preferred stock, convertible into shares at $24.50 per share, subject to potential adjustment to $26.00 per share based on Comtech’s FY22 financial performance. The preferred stock carries a 6.5 percent dividend, payable in kind or cash at Comtech’s election. Until March 31, 2023, White Hat and Magnetar will have a one-time right to purchase up to an additional $25.0 million of convertible preferred stock, which will be convertible into shares at a conversion price of $32.00 per share. Comtech will utilize the investment proceeds across a range of initiatives to accelerate growth and increase profitability. White Hat and Magnetar agreed to appoint Mark Quinlan to Comtech’s board. Price Action CMTL shares traded lower by 3.63 percent at $23.39 on the …