Orlando Court to Reschedule Trial; Company Raises $3.6 Million in Private Placement

Rhea-AI Summary

ParkerVision, Inc. (OTCQB:PRKR) announced a delay in its patent infringement trial against Qualcomm, originally set for July 2021, now pushed to November or December due to court backlogs from the pandemic. On March 29, 2021, the company raised approximately $3.6 million through the sale of common stock and warrants at $1.29 per share, primarily to satisfy litigation obligations. CEO Jeffrey Parker expressed disappointment over the trial delay but remains optimistic about ongoing licensing efforts and the company’s investor support.

Positive

• Raised approximately $3.6 million through common stock and warrants.
• Majority of funds will reduce future litigation fees, improving financial stability.
• CEO expresses confidence in future licensing opportunities.

Negative

• Delay of patent infringement trial could prolong litigation uncertainties.

JACKSONVILLE, FL / ACCESSWIRE / March 29, 2021 / ParkerVision, Inc. (OTCQB:PRKR) announced today that the United States District Court for the Middle District of Florida (Orlando Division) issued an order on March 26, 2021 indicating that the Company's patent infringement litigation against Qualcomm, scheduled for trial in July 2021, is now unlikely to be tried prior to November or December of 2021. The order cited a backlog of criminal trials due to the pandemic, along with the volume of motions pending in this case, as the reasons for the delay.

On March 29, 2021, the Company consummated the sale of common stock and warrants at a unit price of $1.29 per common share for aggregate proceeds of approximately $3.6 million. The warrants, which were issued at a ratio of one warrant for every two shares of common stock, have a five-year life and an exercise price of $1.75 per share. The majority of the proceeds will be used to satisfy outstanding obligations to one of the Company's litigation firms under a negotiated agreement that will include the reduction of the vast majority of future success fees owed to that firm. Remaining proceeds will be used for general working capital purposes.

Jeffrey Parker, Chairman and Chief Executive Officer of ParkerVision stated, "We are disappointed that our court date in Orlando has been delayed given the material impact this infringement of our patent rights has had on our business. However, we understand that the judicial system is not immune to the impact of the pandemic, and we respect the challenges of getting back to business as normal. Fortunately, we do not believe this delay will have an impact on other licensing efforts that are currently underway, and we remain confident that we will soon have new licensees of our technologies."

Mr. Parker commented further, "We are pleased that we have a solid investor base that continues to support the Company's objectives and who have a favorable outlook for the future of ParkerVision."

About ParkerVision

ParkerVision, Inc. has designed, developed, and patented proprietary radio-frequency (RF) technologies which enable advanced wireless solutions for current and next generation wireless communication products. ParkerVision is engaged in a number of patent enforcement actions to protect patented rights that it believes are broadly infringed by others. For more information, please visit www.parkervision.com.

Safe Harbor Statement
This 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, 2019 and Forms 10-Q for the quarters ended March 31, June 30, and September 30, 2020. These risks and uncertainties could cause actual results to differ materially from those currently anticipated or projected.

Contact:

Cindy French
Chief Financial Officer
cpoehlman@parkervision.com

Tony Vignieri
Communications Director
tvignieri@parkervision.com

SOURCE: ParkerVision, Inc.

View source version on accesswire.com:
https://www.accesswire.com/637845/Orlando-Court-to-Reschedule-Trial-Company-Raises-36-Million-in-Private-Placement

FAQ

What is the significance of the delay in ParkerVision's trial against Qualcomm?

The trial delay pushes the date from July 2021 to potentially November or December 2021, which may prolong uncertainties regarding patent rights.

How much did ParkerVision raise in its recent private placement?

ParkerVision raised approximately $3.6 million from the sale of common stock and warrants at a price of $1.29 per share.

What will the proceeds from ParkerVision's recent stock sale be used for?

The majority of the proceeds will be used to satisfy litigation obligations, while the remaining amount will be allocated for general working capital.

What are the implications of the trial delay for ParkerVision's licensing efforts?

Despite the trial delay, ParkerVision's CEO remains confident that it will not negatively impact ongoing licensing efforts.