Wireless network provider Clearwire Corp. announced last Friday that the company is cutting up to 15 percent of its workforce, suspending the opening of new retail operations, and seeking additional funding from shareholders in order to stay in business. In its latest quarterly filing with the Securities and Exchange Commision, Clearwire said that it doesn’t view its “available cash and short-term investments to be sufficient to cover our estimated liquidity needs for the next 12 months.”
Clearwire has enough cash to cover its operations until early to mid-2011, and would need additional capital and is currently seeking new debt or equity financing. The company, one of the leading developers of “4G” wireless technology in the United States, is backed by wireless provider Sprint Nextel Corp., Comcast Corp., and Intel Corp
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