Benzinga | Mar 29, 2021 11:27AM EDT

Parkervision Raises $3.6M In Private Placement As Court Delays Qualcomm Patent Infringement Trial

* Communication device company, Parkervision Inc's (OTC: PRKR) patent infringement lawsuit against Qualcomm Inc (NASDAQ: QCOM), was postponed for trial from July 2021 to November or December of 2021 under a U.S. District Court order.

* Parkervision initially filed the lawsuit in July 2011. The pandemic-induced backlog of criminal trials, along with the voluminous motions pending in the case, led to the postponement.

* Parkervision raised $3.6 million from a share and warrant sale at $1.29 per share at par with the company's Friday closing price.

* The warrants were issued at a ratio of one warrant for every two shares with a five-year tenure at an exercise price of $1.75 per share.

* The majority of the proceeds will be utilized for litigation firms. The remaining proceeds will be used for general working capital purposes.

* Parkervision held cash and cash equivalents worth $0.15 million as of September 30, 2020.

* Price action: PRKR shares traded higher by 2.33% at $1.32 on the last check Monday.