Vringo (VRNG) Confirms Offering of 9.6M Shares at $3.25/Sh

August 9, 2012 8:05 AM EDT
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Vringo, Inc. (AMEX: VRNG) confirmed it entered into subscription agreements for the sale of 9.6 million shares of its common stock in a registered direct offering at a price of $3.25 per share, for gross proceeds of approximately $31.2 million. Approximately 90% of the shares in the offering were placed with three institutional investors.

The shares were offered directly to the investors without a placement agent or underwriter. The sale and issuance of the shares is expected to close on or about August 10, 2012.

Vringo intends to use the proceeds of the offering to acquire a portfolio of intellectual property from Nokia Corporation, to repay all outstanding indebtedness, and for general corporate purposes.

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