NextWave Wireless Stock Soars More Than 41% in Just One Trading Day — Say Hello to WiMAX
April 24th, 2008 by Ryan Unger | 287 views
It would seem that WiMAX’s impact on mobile technology in the United States might be closer than we all originally thought.
NextWave Wireless Inc. (Nasdaq: WAVE), a global leader of all things WiMAX, announced that it has retained Deutsche Bank and UBS Investment Bank to explore the sale of its extensive spectrum holdings in the United States. NextWave’s U.S. spectrum footprint covers over 251 million people in the United States and includes major markets such as New York, Los Angeles, Chicago, San Francisco, Boston, Philadelphia, Denver, Houston, and Detroit.
What drove the surge? Possibly Allen Salmasi, chief executive officer and president of NextWave Wireless, when he remarked:
Since the completion of the recent 700 MHz auction, we have received multiple offers for our U.S. spectrum assets. [N]ow is the perfect time for us to sell these valuable assets while network operators are trying to finalize their band plans and spectrum holdings for their continuing 3G and planned 4G rollouts. Monetizing the value of our substantial spectrum assets would allow us to further strengthen our balance sheet, retire debt, and continue the commercial introduction of a wide range of innovative wireless broadband and multimedia solutions such as our high-performance WiMAX and RFIC chipsets, advanced multi-mode, multi-band TD-CDMA, WiMAX and LTE enabled base station platforms, breakthrough MXtvTM and TDtvTM mobile television systems.
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