Shares of Clearwire fell more than 12 percent today after Intel said that it plans to sell 10 million shares of the Kirkland broadband wireless company. Clearwire’s stock is now trading at $4.12, near an all-time low.
Intel said it sold the shares, about 10 percent of its stake in the company, in order to “rebalance its portfolio.
“WiMAX continues to be strategically important to Intel, and the sale of the Class A Common Stock does not affect any contractual obligations or business arrangements between Intel and Clearwire,” Intel wrote in a SEC filing.
Intel was a big backer of Clearwire and supporter of its primary technology platform, WiMax. In 2009, Intel took a $950 million charge related to its Clearwire investment.
Founded by wireless pioneer Craig McCaw, Clearwire has hit hard times in recent months with layoffs and executive departures. The company, with 6.15 million subscribers, posted an operating loss of $687 million last quarter.
Clearwire is now led by interim CEO John Stanton, a former McCaw veteran who previously led T-Mobile USA.
