Parkervision Raises $3.6M In Private Placement As Court Delays Qualcomm Patent Infringement Trial

Communication device company, Parkervision Inc’s PRKR patent infringement lawsuit against Qualcomm Inc QCOM, was postponed for trial from July 2021 to November or December of 2021 under a U.S. District Court order.
Parkervision initially filed the lawsuit in July 2011. The pandemic-induced backlog of criminal trials, along with the voluminous motions pending in the case, led to the postponement.
Parkervision raised $3.6 million from a share and warrant sale at $1.29 per share at par with the company’s Friday closing price.
The warrants were issued at a ratio of one warrant for every two shares with a five-year tenure at an exercise price of $1.75 per share.
The majority of the proceeds will be utilized for litigation firms. The remaining proceeds will be used for general working capital purposes.
Parkervision held cash and cash equivalents worth $0.15 million as of September 30, 2020.
Price action: PRKR shares traded higher by 2.33% at $1.32 on the last check Monday.