Financing raises funds to acquire intellectual property, repay debt
By Devika Patel
Knoxville, Tenn., Aug. 9 - Vringo, Inc. plans a $31.2 million registered direct offering of stock, according to a prospectus supplement and 8-K filed Thursday with the Securities and Exchange Commission.
The company will sell 9.6 million common shares at $3.25 apiece. The price per share represents a 5.52% discount to the Aug. 8 closing share price of $3.44.
Settlement is expected Aug. 10.
Proceeds will be used to acquire a portfolio of intellectual property from Nokia Corp., to repay all debt owed to Hudson Bay Master Fund Ltd. and for general corporate purposes.
The provider of software platforms for mobile social and video applications is based in New York.
| Issuer: | Vringo, Inc.
|
| Issue: | Common shares
|
| Amount: | $31.2 million
|
| Shares: | 9.6 million
|
| Price: | $3.25
|
| Warrants: | No
|
| Pricing date: | Aug. 9
|
| Settlement date: | Aug. 10
|
| Stock symbol: | Amex: VRNG
|
| Stock price: | $3.44 at close Aug. 8
|
| Market capitalization: | $19.17 million
|
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