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Clearwire commences rights offering

Tue, 12/22/2009 - 7:15am
Brian Santo

Clearwire initiated a rights offering, announced earlier, with the filing of a registration statement with the Securities and Exchange Commission.

Clearwire said it is distributing, at no charge to the holders of its Class A common stock, one transferable subscription right for each share of Class A common stock owned.

Each right will be exercisable to purchase 0.4336 shares at an exercise price of $7.33 per share. The subscription rights are exercisable for up to an aggregate of 93,903,300 shares of Clearwire’s Class A common stock, the company said.

There are certain restrictions and other details, but if all of the rights are exercised, the company could raise as much as $361 million.

Clearwire said it intends to use the proceeds from the rights offering for general corporate purposes, including the deployment of Clearwire’s 4G mobile WiMAX network.

More Broadband Direct 12/22/09:
•  Cable Euro Labs starts middleware project
•  CableLabs' Liao supports more technical resources for FCC
•  In the media: TWC badgered about content deal
•  Report: Disney, CBS kicking tires on Apple's video service
•  Clearwire commences rights offering
•  Berkshire Hathaway names Comcast's Burke to board
•  FairPoint creates new positions in New England
•  Broadband Briefs for 12/22/09
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