Key Developments For NextWave Wireless Inc.
NextWave Wireless Inc. (WAVE.O) (Consolidated Issue listed on NASDAQ Global Market)
DOCOMO Acquires Stake In Nextwave Wireless Inc.'s PacketVideo; Announces Issue Of Senior-Subordinated Secured Second Lien Notes
Nextwave Wireless Inc. announced that DOCOMO has acquired a 35% equity stake in its subsidiary PacketVideo, for $45.5 million. Net proceeds from the transaction will be applied to redeem a portion of NextWave`s Senior Secured Notes, due July 2010. As part of the transaction, DOCOMO was granted certain rights in the event of future transfers of PacketVideo stock or assets, preemptive rights in the event of certain issuances of PacketVideo Stock, and a call option exercisable under certain conditions to purchase the remaining shares of PacketVideo at an appraised value. The Company also announced that its wholly owned subsidiary NextWave Wireless LLC has issued $15 million of additional Senior-Subordinated Secured Second Lien Notes due 2010 to an affiliate of Avenue Capital Management II, L.P. After giving effect to original issue discount, NextWave received net proceeds of $14,250,000 to be used in connection with ordinary course business operations. The new Second Lien Notes have the same financial and other terms as the Second Lien Notes issued in October 2008, including interest at a rate of 14% per annum, which will accrue as payment-in-kind interest prior to the redemption of NextWave Wireless LLC`s 7% Senior Notes due 2010. The Second Lien Notes will mature on December 31, 2010.
NTT DoCoMo, Inc. And Nextwave Wireless Inc.'s PacketVideo Corporation Form Strategic Alliance
NTT DoCoMo, Inc. and San Diego, California-based PacketVideo Corporation, a subsidiary of Nextwave Wireless Inc. announced that NTT DoCoMo, Inc. has acquired a 35% stake in PacketVideo for $45.5 million. The all-cash transaction, effective immediately, is intended to strengthen NTT DoCoMo, Inc.'s position in advanced music and video services in Japan. The strategic alliance will enable NTT DoCoMo, Inc. to enhance its music and video service offerings while augmenting the competitiveness of both companies. In particular, the strengthened partnership will facilitate the efficient joint development of PacketVideo`s new technologies, ensuring a stable supply of increasingly advanced mobile applications technologies to NTT DoCoMo, Inc.
Yamaha Selects Nextwave Wireless Inc.'s PV's TwonkyMedia Server To Power MusicCAST2 Home Audio Product Line
Nextwave Wireless Inc.'s PacketVideo (PV) announced that Yamaha Corporation has selected PV's TwonkyMedia server software to enable the seamless sharing of digital music content on its new line of home audio products named MusicCAST2, which includes the new MCX-RC100 Network Music Commander and compatible MCX-A300 and MCX-P200 Network Music Players.
Nextwave Wireless Inc. Announces Management Reorganization
Nextwave Wireless Inc. announced that effective May 4, 2009 Michael Murphy resigned as Interim Chief Operating Officer and George Alex resigned as Chief Financial Officer. It also announced that Francis Harding, the Company`s Chief Accounting Officer, has been appointed as new Chief Financial Officer.
Nextwave Wireless Inc. Files FORM 12b-25 To Extend Filing Date of 2008 FORM 10-K
Nextwave Wireless Inc. announced that it has filed a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission related to a delay in filing its Annual Report on Form 10-K for the year ended December 27, 2008. Pursuant to Rule 12b-25(b), The Company will file its Form 10-K on or prior to March 27, 2009, the 15th calendar day after the original due date.
