ParkerVision Enters into Common Stock Purchase Agreement with Aspire Capital Fund
October 18 2017 - 7:00AM
ParkerVision, Inc. (Nasdaq:PRKR) (“ParkerVision” or “Company”), a
developer and marketer of semiconductor technology solutions for
wireless applications today announced that it has entered into a
common stock purchase agreement with Aspire Capital Fund, LLC
(“Aspire Capital”) for Aspire Capital’s private placement purchase
of 312,500 shares of the Company’s common stock at $1.60 per share
for proceeds of $500,000. In addition, Aspire Capital has
agreed to purchase up to an aggregate of $19.5 million of
additional shares of the Company’s common stock, subject to
registration of such shares by the Company. The Company will file a
registration statement for an aggregate of 4 million shares of
Company common stock related to this transaction. Aspire Capital’s
purchase of shares under this agreement are at the Company’s sole
discretion, over the 30-month term of the agreement, at prices
based on the market price at the time of each purchase and subject
to the Company’s registration of the resale of such
shares.
ParkerVision Chief Executive Officer Jeffrey Parker said, “Our
relationship with Aspire Capital will enable us to support product
investments for future revenue growth that we believe can be
achieved from our recently introduced Milo™ Wi-Fi products.
The agreement allows us to control the timing and amount of common
stock being sold, enabling us to use this resource in a manner that
minimizes shareholder dilution as we grow the business.”
Erik Brown, Principal at Aspire Capital Partners, LLC, said,
“ParkerVision has a long history of developing innovative
technologies. After visiting their headquarters and testing
Milo™, ParkerVision’s “whole-home” Wi-Fi system, we were convinced
that a highly reliable distributed Wi-Fi product at an affordable
price would be a game-changer as consumers continue to embrace the
Internet of Things and connected homes.”
Upon execution of the agreement, the Company issued as a
commitment fee to Aspire Capital 287,500 shares of common stock
which will be registered for resale under the registration
statement. Aspire Capital has agreed that neither it nor any
of its agents, representatives and affiliates shall engage in any
direct or indirect short-selling or hedging of ParkerVision’s
common stock during pendency of the agreement. The agreement does
not contain any financial covenants, restrictions on future
financings, rights of first refusal, participation rights or
penalties.
This news release does not and shall not constitute an offer to
sell or the solicitation of an offer to buy any securities, nor
shall it constitute an offer, solicitation or sale in any
jurisdiction in which, or to any person to whom, such offer,
solicitation or sale is unlawful. Details of the stock purchase
agreement and registration rights agreement have been filed with
the SEC on Form 8-K.
About ParkerVision, Inc.ParkerVision, Inc.
designs, develops and markets its proprietary radio-frequency (RF)
technologies, which enable advanced wireless solutions for current
and next generation communications networks. Currently developing
several new products to enhance Wi-Fi connectivity for small
businesses and consumers, ParkerVision has recently unveiled a
family of products under the Milo™ brand that leverages existing
Wi-Fi infrastructure to create more optimal Wi-Fi configuration and
superior coverage. For more information please visit
www.parkervision.com. (PRKR-G)
About Aspire Capital Fund, LLCAspire Capital is
an institutional investor based in Chicago, Illinois, with a
fundamental investment approach. Aspire Capital invests in a
wide range of companies and industries emphasizing life sciences,
energy and technology.
Safe Harbor StatementThis press
release contains forward-looking information. Readers are cautioned
not to place undue reliance on any such forward-looking statements,
each of which speaks only as of the date made. Such statements are
subject to certain risks and uncertainties which are disclosed in
the Company's SEC reports, including the Form 10-K for the year
ended December 31, 2016 and the Forms 10-Q for the quarters ended
March 31, 2017 and June 30, 2017. These risks and uncertainties
could cause actual results to differ materially from those
currently anticipated or projected.
Cindy Poehlman
Chief Financial
OfficerParkerVision, Inc.904-732-6100cpoehlman@parkervision.com
Laurie LittleThe Piacente
Group212-481-2050parkervision@tpg-ir.com
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