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.
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