[NOOB QUESTION] What happened to CLWR Stock? July 10. 2013
My clearwire stock went down 100% after Sprint's announcement of 100% acquisition of clearwire and when I check online the stock symbol is still there but no value and No result were found. My Clearwire stock is currently at 0 value. Could please explain what happened? Was I supposed to sell them all before July 9th?
On July 9, 2013, Clearwire filed a Certificate of Merger with the Secretary of State of the State of Delaware, pursuant to which Merger Sub was merged with and into Clearwire, with Clearwire continuing as the surviving corporation and a wholly owned subsidiary of Sprint. At the effective time of the Merger, each issued and outstanding share of Class A common stock of Clearwire, par value $0.0001 per share (the “Class A Common Stock”) (other than any shares held by Sprint, SoftBank Corp., any of their respective affiliates and any stockholders who properly exercised their appraisal rights under Delaware law) automatically converted into the right to receive $5.00 per share in cash, without interest, less any applicable withholding taxes.
As a result of the Merger, the Class A Common Stock will cease trading on the NASDAQ Global Select Market and became eligible for termination of registration under the Exchange Act. Accordingly, Clearwire will file a Certification and Notice of Termination of Registration on Form 15 with the SEC in order to deregister its common stock under the Exchange Act.