ParkerVision expects $9.3M from stock offering

ParkerVision expects $9.3M from a sale of 4.4M shares; funds will be for research, legal costs

Associated Press

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.

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