Clearwire to Offer Stock in Bid to Raise Capital
Clearwire today announced plans to raise approximately $300 million from a public offering of Class A Common stock. Clearwire said that it plans to use any funds raised through the offering for general corporate purposes, as well as to help build its planned Long Term Evolution 4G mobile data network alongside its existing WiMax network. The funds will also be used to help operate and maintain both networks. The offering is being underwritten by J.P. Morgan, BofA, Merrill Lynch, and Jefferies & Company. Clearwire recently announced that it will receive up to $1.6 billion from Sprint over the next few years as the two companies transition from WiMax to Long Term Evolution 4G. Clearwire has struggled to find funding for the last 12 months, and through most of 2011 ceased new market rollouts and reduced its product offerings.
Sprint's WiMax Shutdown May Halt Service for Charities
Sprint plans to deactivate its WiMax network on Nov. 6, but some charities say the change will eliminate internet service for some 300,000 Americans altogether.
SoftBank Looking to Raise $18B with Wireless Unit IPO
SoftBank Group, the parent company of Sprint, is weighing whether or not to offer shares in its own Japan-based wireless company. Under the direction of CEO Masayoshi Sun, SoftBank has transformed itself in recent years into an investor in technology companies.
Sprint Can Commence WiMax Shutdown
A Massachusetts court has given Sprint permission to turn off its WiMax network in stages over the next two months. Sprint will turn WiMax off in 16 cities, including New York, today, with 39 more to follow on February 29, and the remaining 25 cities on March 31.
Nonprofits Convince Judge to Delay Sprint's WiMAX Shutdown
Mobile Citizens, a not-for-profit organization that provides free and low-cost internet service to schools, has won an injunction preventing Sprint from shutting down its WiMax network. Sprint had planned to cease operating WiMax on Nov.
Sony Looking to Raise Capital for Image Sensor Business
Sony plans to issue new shares of stock for the first time in 26 years as it hopes to raise about $4 billion in capital. The company said it will spend the money on bolstering its image sensor business, which is seeing high demand from smartphone and tablet makers.