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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Form Hldgs Corp Npv | NASDAQ:VRNG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.97 | 0 | 01:00:00 |
By Ben Fox Rubin
Vringo Inc. (VRNG) said it raised an additional $45 million in a stock offering, strengthening the company's financial position just before major plot points in its patent suit against Google Inc. (GOOG) and others are scheduled to begin.
Vringo, a video-ringtone and intellectual-property firm, is suing the search giant, AOL Inc. (AOL), IAC/InterActiveCorp. (IACI) and others, alleging infringement of two of its patents related to advertising placement in search results. A trial is scheduled to start Oct. 16.
Vringo said it sold 10.3 million shares to five institutional investors at $4.35 each, a 17% discount to Thursday's close. The offering comes soon after the company sold 9.6 million shares at $3.25 each in early August to buy telecommunications-infrastructure patents from Nokia Corp. (NOK, NOK1V.HE). Vringo has about 99 million shares outstanding.
Shares fell 12% to $4.62 in premarket trading. As of Thursday's close, the stock was up more than 400% this year amid investor interest in the Google litigation.
"Upon closing this financing, we will be financially stronger then ever before," Chief Executive Andrew Perlman said, noting that the company will now hold $55 million in cash on its balance sheet. "Our cash position will enhance our ability to more effectively monetize our internet search patents as well as our recently acquired telecom infrastructure portfolio."
A federal judge this week denied Google and other defendants' motion for summary judgment, which could have prevented a trial, and Vringo's stock has soared since, jumping about 70% to $5.25 as of Thursday's close. The judge also ordered Vringo and the defendants to engage in settlement discussions starting Tuesday before a state magistrate.
The company had said in a recent Securities and Exchange Commission filing that it planned to use the funds raised for general corporate needs.
Vringo in late September sent a letter to ZTE Corp. (ZTCOY, 0763.HK, 000063.SZ), asking the telecommunications company to review whether it needs to license any of Vringo's recently acquired Nokia patents, warning that it could take legal action.
Write to Ben Fox Rubin at ben.rubin@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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