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IDT Corp. spins off Straight Path subsidiary

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Newark-based IDT Corp. announced Monday the Securities and Exchange Commission has approved the spin-off of its Straight Path Communications Inc. subsidiary to IDT stockholders.

According to the announcement, SPCI has extensive holdings of FCC wireless spectrum licenses and a portfolio of patents primarily related to communications over computer networks. The subsidiary will hold, enforce and license patent rights pertaining to communications over computer networks.

SPCI will be spun off with a management team dedicated to realizing value from these intangible assets, and will be capitalized with approximately $15 million in cash.

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