Clearwire to sell $300 million in stocks to fund its LTE expansion

Clearwire

Cash-strapped Clearwire wants to raise up to $345 million from stock sales as it struggles to keep afloat. On Monday, the company announced it will sell $300 million of its Class A Common Stock to raise money for its LTE network. It will also offer underwriters the option to buy an additional $45 million of its Class A shares.

Earlier this month, the WiMAX provider decided to delay a debt payment so it could raise extra money to support the continued expansion of is network. As a result, Sprint signed a new LTE-WiMAX deal with Clearwire that’ll pump $1.6 billion into the company over the next few years. This money from Sprint and the sale of its stocks should help keep Clearwire up and running for 2012 and possibly beyond.

[Via The Wall Street Journal]

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