toggle

AAPL Stock: 123.27 ( + 0.5 )

Printed from http://www.macnn.com

Clearwire to offer $300m in stock to fund LTE deployment

updated 11:20 pm EST, Mon December 5, 2011

Company continues funding drive

Clearwire is reportedly set to provide $300 million of its Class A stock as a public offering, in an attempt to fetch additional funding for the company's LTE deployment plans. The WiMAX provider is also said to be leaving the door open, as a 30-day option, for its underwriters to purchase an additional $45 million in Class A shares.

The move follows a recent financing agreement with majority owner Sprint, despite what appeared to be an ongoing dispute between both companies. Sprint promised nearly $1 billion in additional capital to pay for WiMAX service, while committing to nearly $700 million in additional funds if other conditions are met in the future. Approximately $347 million of the additional financing from Sprint hinges on Clearwire's ability to raise funds from outside sources.

Both Sprint and Clearwire have acknowledged plans to deploy LTE networks, following in line with Verizon and AT&T. Transitioning from WiMAX to LTE is expected to help the companies compete in the evolving 4G market. [via ZDNet]




by MacNN Staff

POST TOOLS:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

Follow us on Facebook

toggle

Most Popular

Advertisement

Recent Reviews

15-inch MacBook Pro with Force Touch

Apple's 15-inch Retina MacBook Pro continues to be a popular notebook with professional users and prosumers looking for the ultimate ...

Typo keyboard for iPad

Following numerous legal shenanigans between Typo -- a company founded in part by Ryan Seacrest -- and the clear object of his physica ...

Entry-level 27-inch Retina iMac

The 27-inch Apple iMac with 5K Retina display is already one of the best value-for-money Macs that Apple has ever released. It was som ...

toggle

Most Commented