Clearwire Corporation has raised $715.5 million in new capital, including a public offering of 201,250,000 shares of Class A common stock at $2.00 per share, raising net proceeds of $384.1 million, after underwriters' discounts and commissions.
In addition, Sprint has purchased 173,635,000 shares of Class B Common Stock and a corresponding number of Class B units in Clearwire Communications LLC, which will provide Clearwire with an additional $331.4 million in net proceeds. The total net new capital available to Clearwire following today's closings is $715.5 million.
"This equity raise is a critical step for Clearwire to achieve its long-term business plan of creating the first wide-channel TDD-LTE 4G network in the U.S.," said Erik Prusch, president and CEO of Clearwire. Clearwire raises fresh capital
Some might have been skeptical Clearwire could raise that much, so quickly, or that Sprint would again up its investment in Clearwire. But all that has happened.