STAMFORD, Conn.--(BUSINESS WIRE)--Walker Innovation Inc. (OTCQB:WLKR), which develops and commercializes its unique portfolio of intellectual property assets through licensing and enforcement operations and has initiated an effort to acquire one or more operating businesses, today announced that it has raised an additional $16.8 million in funds from agreeing to the redemption of the remainder of its stake in The Upside Commerce Group LLC by Upside.
The Company has exercised its warrant to acquire 12.65 million shares of Class A Common Stock at a price of $0.06 per share and Upside simultaneously redeemed the shares at $1.431 per share, as approved by the Company’s Audit Committee.
After accounting for expenses and commission, the Company received net proceeds of $16.8 million and holds approximately $25 million in cash on its balance sheet as of June 2, 2017. The Company expects to use the proceeds to fund its efforts to acquire an operating business, as well as its ongoing licensing and enforcement operations.
“Upside, in connection with its current financing, made a compelling offer to redeem the Company’s remaining Upside investment. After careful consideration, our Board determined to act opportunistically and prudently by monetizing our investment,” said Jonathan Siegel, the Company’s Chief Executive Officer. “The monetization provides the Company significant additional capital to pursue our acquisition efforts and licensing and enforcement business, and otherwise create shareholder value. I would like to thank Jay Walker for contributing the Upside investment to the Company and providing us with this opportunity.”
About Walker Innovation Inc.
Walker Innovation (OTCQB: WLKR) owns and seeks to commercialize, license and enforce the unique portfolio of intellectual property developed by inventor and entrepreneur Jay Walker, who serves as the Company’s Executive Chairman. The Company has a history of performing innovation services that help companies improve their internal product and business development efforts. The Company’s current plan of operations includes the initiation of an effort to acquire, through merger, share exchange or other transactions, one or more operating businesses, or control of such operating businesses through contractual arrangements. Mr. Walker is best known as the founder of Priceline.com and has twice been named by TIME magazine as “one of the top 50 business leaders of the digital age.” Mr. Walker currently ranks as the world’s 10th most patented living individual, based on U.S. patent issuances according to Wikipedia. Additional information regarding the company can be found at www.walkerinnovation.com.
