A favorable settlement with the U.S. Federal Communications Commission has shares of Straight Path Communications Inc STRP 5.54% soaring more than 34 percent on Thursday. Straight Path had been under investigation by the FCC for fraud after an anonymous short-seller reported that the company was not using its wireless spectrum like it claimed it was.
The fate of Straight Path and its spectrum had been up in the air until Thursday’s settlement. Straight Path must now pay the FCC $15 million and turn over 20 percent of the proceeds from any spectrum sales in the next 12 months. In addition, if the company does not sell its spectrum licenses within a year, it will have to pay the FCC $85 million to maintain the licenses.
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