Shares of Powerwave Technologies Inc. (NASDAQ: PWAV), a designer, manufacturer and marketer of end-to-end wireless solutions for wireless communications networks worldwide, saw a huge rally in Wednesday’s trading session.

The penny stock of PWAV ended the day 90.97% higher at $0.730. The stock extended its gains in pre-market trading today. At last check, it was trading 2.75% higher at $0.750.

PWAV shares rallied on Wednesday after the company entered into a new $50 million senior secured credit agreement with P-Wave Holdings LLC. Under the terms of the agreement, P-Wave Holdings, which is an affiliate of The Gores Group, advanced $35 million to PWAV, less fees and expenses. P-Wave has also agreed to loan another $15 million to PWAV on fulfillment of certain conditions.

The credit agreement also includes an accordion feature that enables PWAV to request up to an additional $100 million in term loans from P-Wave Holdings. However, this loan will be advanced on P-Wave Holdings’ discretion.

PWAV plans to use the proceeds from the new credit agreement to fund its working capital requirements as well as for general corporate purposes.

PWAV said that in connection with the initial loan, it issued warrants to P-Wave Holdings to purchase a total of 2,625,000 shares of PWAV common stock with an exercise price of $0.50 per share.

PWAV reported its most recent quarterly results (Q1) back in May. For the quarter ended April 1, 2012, PWAV reported net sales of $43.3 million, compared to $136.6 million reported for the same period in the previous year. The company reported GAAP net loss of $57.9 million for the first quarter, compared to $7 million reported for the same period in the previous year.

Ronald Buschur, president and CEO of Powerwave Technologies, said that the company’s first-quarter revenue were impacted by weakness in several of the company’s markets. Buschur said that network operators continue to be conservative in their spending plans and in several markets operators continued to delay capital spending plans.