ParkerVision Inc. (PRKR) announced that it has priced its underwritten public offering of 4.10 million shares of its common stock at a public offering price of $3.25 per share.
In connection with the offering, the company has also granted the underwriter a 45-day option to purchase up to an additional 615,000 shares of common stock to cover over-allotments, if any.
Ladenburg Thalmann & Co. Inc., a of Ladenburg Thalmann Financial Services Inc. (LTS), acted as the sole bookrunning manager for the offering.
Net proceeds from the sale of the shares after underwriting discounts and other offering expenses are expected to be approximately $12.4 million. If the underwriter exercises its over-allotment option in full, net proceeds from the offering will be approximately $14.3 million.
The company plans to use the net proceeds from the offering to fund its research, its sales and marketing activities and its infringement litigation, and for other working capital and general corporate purposes. The offering is expected to close on March 26, 2013.
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