ParkerVision Completes Sale of $10 Million Under ATM
JACKSONVILLE, Fla., March 10, 2017 -- ParkerVision, Inc. (Nasdaq:PRKR), a developer and marketer of semiconductor technology solutions for wireless applications, today announced that it has completed the sale of approximately 4.1 million shares of its common stock at an average price of $2.46 per share, for aggregate gross proceeds of $10 million, pursuant to an At Market Issuance Sales Agreement ("ATM Agreement"). The ATM Agreement, which the Company entered into with FBR Capital Markets in December 2016, has now concluded. In addition to the ATM Agreement proceeds, one of the Company's newly appointed directors, Mr. Paul Rosenbaum, purchased approximately $170,000 of the Company's unregistered common stock at market in February.
ParkerVision CEO, Jeffrey Parker commented, "The funds raised from the ATM Agreement provide us with the flexibility and financial pathway to achieve our strategic objectives. We are well-positioned to successfully launch our new Wi-Fi product line that we believe will have broad appeal to a significant consumer market. Our patented RF energy sampling down conversion technology, which has been broadly deployed in other wireless devices, enables us to offer very competitive products in the residential Wi-Fi market."
Regarding the Company's upcoming hearing at the International Trade Commission, Mr. Parker commented, "We look forward to presenting the merits of our infringement case to the ITC next week as we strive to halt the unauthorized use of our patented technologies. While the market has benefited from the adoption of our technology, we continue to seek efficient ways to be fairly compensated for the investments ParkerVision has made and continues to make."
ParkerVision, Inc. designs, develops and markets its proprietary radio-frequency (RF) technologies that enable advanced wireless solutions for current and next generation communications networks. Protected by a highly-regarded, worldwide patent portfolio, the Company's solutions for wireless transfer of RF waveforms address the needs of a broad range of wirelessly connected devices for high levels of RF performance coupled with best-in-class power consumption. For more information please visit www.parkervision.com. (PRKR-G).