ParkerVision, Inc. announced that it has received $0.9 million in funding from Tucochan LLC, GEM Investment Advisors, Inc. and other investors
September 09, 2018
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ParkerVision, Inc. (NasdaqCM:PRKR) announced that it has entered into a securities purchase agreement for private placement of convertible promissory notes due September 7, 2023 for gross proceeds of $900,000 on September 10, 2018. The transaction included participation from Gem Partners L.P., a fund managed by GEM Investment Advisors, Inc. for $400,000, Jeffrey L. Parker for $100,000, Paul A. Rosenbaum for $100,000, Lewis H. Titterton for $100,000, Stacie P. Wilf for $100,000, Forrest John Bahl for $50,000, and Tucochan LLC for $50,000. The note carries a fixed coupon of 8% per annum is payable beginning on March 7, 2019 and in quarterly installments and would mature on September 7, 2023. The note is convertible into common shares of the company at a fixed conversion price of $0.40 per share. The notes are issued at par value. The company may prepay the outstanding principal amount of the notes, along with any accrued interest, at cash premium of 125% prior to the two-year anniversary, 120% prior to the three-year anniversary, 115% prior to the four-year anniversary or 110% thereafter. The company has issued securities pursuant to exemption provided under Section 4(a)(2) of the Securities Act Regulation D.
ParkerVision, Inc. is engaged in the business of fundamental wireless technologies and products. The Company has designed and developed proprietary radio frequency (RF) technologies and integrated circuits based on those technologies, and it licenses the Companyâs technologies to others for use in wireless communication products. The Company has patent enforcement actions ongoing in various United States district courts against mobile handsets, smart television and other wireless fidelity (WiFi) product providers, as well as semiconductor suppliers, for the infringement of several of its RF patents. Its RF technologies enable transmission and reception of RF carriers at low power consumption, thereby enabling extended battery life, and certain size, cost, performance and packaging advantages. The Company is focused on the enforcement of its intellectual property rights through licensing efforts and patent infringement litigation. Its wholly owned German subsidiary is ParkerVision GmbH.