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Founded in 1996, Covad is a US-based provider of integrated voice and data communications services. The company offers DSL, voice-over-Internet protocol (VoIP), T1, web hosting, managed security, IP and dial-up, wireless broadband, and bundled voice and data services directly through its network and through Internet service providers (ISPs), value-added resellers, telecommunications carriers, and affinity groups to small and medium-sized businesses and home users. As of March 2006, Covad broadband services were available across the US in 44 states and 235 metropolitan statistical areas (MSAs) and could be purchased by more than 57 million homes and businesses, which represented over 50% of all US homes and businesses.
On March 29, 2006, Covad sold to EarthLink (one of its customers) 6,134,969 shares of its common stock for an aggregate purchase price of US$10 million, and issued to EarthLink a US$40 million 12% Senior Secured Convertible Note due 2011.
Covad's principal stockholders as of April 1, 2006 were: FMR Corp with ownership of 7.09% of Covad's common stock, Charles Hoffman, Covad's President and CEO (1.53%), and Charles McMinn, one of Covad's founders and Chairman of the Board of Directors (1.28%). AT&T Inc owns a small stake in Covad.
