Vringo (VRNG) Reports Q1 Loss of $0.07/Share

Vringo (NASDAQ: VRNG) reported Q1 EPS of ($0.07), versus ($0.13) reported last year.

The company stated: "On May 4, 2015, we entered into a securities purchase agreement with certain institutional investors ("the Investors"), in a registered direct offering of Senior Secured Convertible Notes ("Notes") and warrants to purchase shares of our common stock. On that date, we issued $12.5 million of Notes to the Investors, which are convertible into shares of our common stock at $1.00 per share, bear 8% interest and mature in 21 months, unless earlier converted. The Notes may be repaid, at Vringo's election, in either cash or, subject to certain conditions, shares of the company's common stock at a discount to the then-current market price. In addition, we issued the Investors approximately 5.4 million warrants to purchase shares of our common stock, which are exercisable at $1.00 per share and are exercisable for a period of five years. In connection with the issuance of the Notes and warrants, we received net cash proceeds of $12.4 million."

For earnings history and earnings-related data on Vringo (VRNG) click here.

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