As I figured they do if they could, Clearwire (NASDAQ:CLWR, news, filings) has expanded the size of its public offering to $350M from its initial $300M goal. oversubscription, the usual 15%. The shares have now also been priced at $2, a discount to todays closing stock price of $2.28 but not an unreasonable one.
Meanwhile, Sprint Nextel (NYSE:S, news, filings) will match the increase, purchasing 172M additional Class B common shares. Altogether it appears that Clearwire will have raised at least $700M toward what it needs to deploy LTE on its network. That's perhaps not enough to finish the job, but it's more than enough to get started.
The offering will take place next Tuesday, December 13, assuming nothing else dramatic happens between now and then. The move will increase Clearwire's outstanding share count substantially, but in this case dilution seems to be a necessary evil. An additional $52.5M in stock will be made available for 30 days to the underwriters in the case of oversubscription (the usual 15%), and I'll bet Clearwire hopes they sell every share.