JACKSONVILLE, Fla. (AP) -- ParkerVision Inc. says it expects to receive about $9.3 million in proceeds from an offering of nearly 4.4 million of its shares.
The company, which sells equipment for mobile communications networks, said the offering was priced at $2.30 per share, a 14 percent discount to Thursday closing price of $2.66.
The money will fund costs for research, sales and marketing, a lawsuit, and could also be used for other purposes.
Shares dropped 13 cents, or 4.9 percent, to $2.53 in morning trading on Friday. Over the past year, the stock has traded between 74 cents and $3.25.
It's not uncommon for a company's stock to fall after it announces a stock offering. Issuing new shares dilutes existing stockholders, which can scare off investors.
The Jacksonville, Fla., company's offering is expected to close on Wednesday.