Struggling Boston Internet company Starry looks for potential sale - The Boston Globe

With its banal terms trading astatine astir 20 cents a stock connected Tuesday, wireless Internet work Starry has hired an concern slope to research ways to rise much wealth oregon perchance merchantability the company.

Less than 2 weeks aft cutting fractional of its workforce, the Boston steadfast said it volition see “strategic and equilibrium expanse alternatives” with proposal from PJT Partners, the advisory steadfast spun retired of Blackstone Group.

A starring advisor connected mergers and acquisitions, PJT has worked connected deals including Abbvie’s $63 cardinal acquisition of Allergan and T-Mobile’s $59 cardinal Sprint acquisition. PJT besides advised companies specified arsenic Westinghouse done bankruptcy.

Starry has airwave licenses to connection wireless Internet work successful dozens of cities beyond the 7 metro areas it’s successful currently. But expanding would necessitate hundreds of millions of dollars the institution doesn’t have.

Going nationalist by merging with a peculiar intent acquisition institution successful March was expected to proviso the needed funds. But investors had already soured connected SPAC deals and the merger raised little than fractional the magnitude primitively planned.

And Starry’s banal has mislaid 97 percent of its worth since the SPAC merger and is successful information of being delisted.

In the archetypal fractional of the year, Starry brought successful $15 cardinal of gross and generated a nonaccomplishment of $90 million. At the extremity of September, the institution had astir 91,000 customers for its wireless Internet work disposable successful parts of 7 cities including Boston.

Aaron Pressman tin beryllium reached astatine aaron.pressman@globe.com. Follow him connected Twitter @ampressman.