GLEN ALLEN, Va.--(BUSINESS WIRE)--Straight Path Communications Inc. (NYSE MKT: STRP) today released the following statement in response to a recent short seller report:
Straight Path Communications’ spectrum is part of the bedrock for 5G and will play an important role in the development of this next-generation ecosystem, underscored by activities already underway by leading wireless carriers and equipment manufacturers in the U.S.
Kerrisdale Capital’s report is nothing more than a transparent attempt by a short seller to recoup the money they lost last week after Straight Path Communications’ comprehensive settlement with the FCC. It is clear from FCC rulemaking and industry actions that this report has no credibility.
We are continuing to move forward as the largest holder of 39 GHz spectrum as well as a significant holder of 28 GHz in major markets. We have cleared the way for a review of strategic alternatives to maximize shareholder value and have retained Evercore to represent us in our next endeavors.
About Straight Path Communications Inc. (STRP)
Straight Path (NYSE MKT: STRP) holds an extensive portfolio of 39 GHz and 28 GHz wireless spectrum licenses. Straight Path is developing next generation wireless technology through its Straight Path Ventures subsidiary. Straight Path holds, licenses and conducts other business related to certain patents through its Straight Path IP Group subsidiary. Additional information is available on Straight Path's website: www.straightpath.com