Clearwire raised around $290.8 million in a stock sale. The company offered 93,903,300 shares of Class A common stock, valued at $7.33 per share. The end results show that 39.7 million shares of Class A common stock were purchased for the final price. There was potential to raise $361 with all the stock rights offered.
Clearwire has a great track record of raising money through stock offering and partnerships with wholesalers and tech companies. Google, Brighthouse, Comcast, Time Warner and Sprint all invested hundreds of millions of dollars last year. That was to help with the build out of more networks in 2010, including adding markets in Houston, Baltimore and other launches in 2010.
The company has said it will spend between $2.8 and $3.2 billion building out their network this year. CLEAR service is offered in 24 markets, with plans to launch markets in New York, San Francisco and Los Angeles by the end of 2010. This funding should go a long way to finish the network build out this year. It might also help Clearwire switch 4G technologies, from WiMAX to LTE.
Clearwire lost money during the first quarter of 2010, but it added more subscribers during that period than all of 2009. Thing are looking up for the 4G carrier, getting an advantage of being first to market with 4G wireless broadband. They’ll soon have competition in the market. Verizon Wireless plans on launching LTE in 25-30 markets by the end of 2010.… Read the rest