Clearwire (CLWR) See Possible 109 Million in Stock Sales

Shares of Clearwire (NASDAQ:CLWR) are down in trading today after the company said in a filing with the SEC last night that some shareholders may sell up to roughly 109 million shares of the stock if they choose to exercise their rights to a portion of the $729 million in exchangeable notes Clearwire has outstanding.

The notes, due 2040, may be converted to common stock at any time and sold, the company said, with a proposed maximum price of $4.93, for a total potential sale of $537 million.

Clearwire is not receiving any proceeds of the sale, it said.

Chesapeake Partners Limited Partnership may sell as much as 3.5 million shares, though the firm holds just 2 million at present. Chesapeake Partners Master Fund may sell 3.5 million as well, the company said, though it holds just under $2 million now. And Highbridge International LLC may sell roughly 23,000 shares.

Clearwire was trading at $4.85, down $0.18, or 3.58 percent, as of 12:13 PM EST.




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