Shares of Boingo Wireless Inc. jumped Wednesday morning after the Wi-Fi hotspot provider announced that it signed an agreement to deploy Wi-Fi services at Caruso Affiliated’s The Grove in Los Angeles and The Americana at Brand in Glendale.
The Los Angeles company, whose shares have slid since a May 4 initial public offering, said that the Internet service is expected to roll out to on-site dining establishments and common areas of the shopping centers next month.
Individual users typically must pay $9.95 a month to use one of Boingo’s 325,000 hotspots worldwide or the business can pay Boingo and offer the service free to its customers. The The malls won't be doing that, according to a Boingo spokesman, but do plan to have “mobile concierge” staff stationed around the mall with iPads to provide on-site support.
“The company’s track record coupled with its focus on ensuring a great customer experience made it a clear choice to deliver a Wi-Fi product that meets the high standards for quality that our customers expect at a Caruso property,” Paul Kurzawa, Caruso Affiliated chief operating officer, said in a statement.
Shares closed up 45 cents, or 5 percent, to $9.33 on the Nasdaq, after earlier rising as high as 9 percent. Shares are down roughly 30 percent from the May 4 IPO price.
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