ParkerVision, Inc. (NASDAQ:PRKR) today announced, in a press release, the signing of a securities purchase agreement for the sale of 3,332,117 shares of its common stock at a price of $0.71 per share and 2,382,718 units, each unit consisting of one share of common stock and 0.3 of a warrant to purchase common stock, at an offering price of $0.81 per unit in a registered offering primarily to institutional investors. Shares of ParkerVision closed yesterday at $0.88 per share and average just under 400,000 shares traded per day. ParkerVision has a market cap of $44 million and a 52-week range between $0.35 and $2.08 per share.The warrants have an exercise price of $0.88 per share and are exercisable during the five-year period commencing six months following the closing of the transaction. Hudson Securities, Inc., a subsidiary of Hudson Holding Corporation (OTCBB:HDHL), acted as the company's placement agent in connection with the offering. Shares of Hudson Holding closed on March 23, 2011 at $0.057 per share and average just under 150,000 shares traded per day. The market cap is $4 million, and 52-week range is between $0.04 and $0.22 per share.
Upon closing, net proceeds from the sale of the shares and units, after deducting the placement agent's fees and other offering expenses, are expected to be approximately $4.14 million. The offering is subject to customary closing conditions and is expected to close on March 30, 2011. The Company plans to use the net proceeds from the offering for working capital and for other general corporate purposes.
The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission on September 14, 2009.
ParkerVision designs, develops and sells its proprietary RF technologies which enable advanced wireless communications for current and next generation mobile communications networks. ParkerVision is headquartered in Jacksonville, Florida.
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