ParkerVision, Inc. (PRKR), the patent licensing company run by CEO Jeffrey Parker, said it has amended its shareholder protection rights agreement dated Nov. 21, 2005 to extend the expiration date to Nov. 20, 2020 and decrease the exercise price under the rights agreement to $1.45.
Jacksonville, Florida-based ParkerVision said the amendment to the rights agreement was not adopted in response to any acquisition proposal. Officials from ParkerVision couldn’t be reached for comment.
Patent market observers and executives have been saying for months that acquisitions are unlikely at this time because patent prices have been falling and that many licensing companies continue to trade at prices above the value of their patents despite testing 5 year lows.
ParkerVision posted a 52% drop in its net loss for the third quarter of 2015 to $3.1 million, or 3 cents a share, from a net loss of $6.4 million, or 7 cents a share. The company reported revenue of $5,000 in the latest quarter versus no revenue a year ago.
The company has been cutting expenses and jobs and moving to a contingent fee arrangement with its attorneys in an effort to conserve cash in the wake of the disappointment over a $173 million jury award in its favor against Qualcomm, which was overturned by the district court, a decision later upheld by the Court of Appeals for the Federal Circuit.
Shares of ParkerVision ended the day at 19 cents and have traded between 16 cents and $1.12.
—To reach the reporter responsible for this story, please contact Dan Lonkevich at 707 318-7899 or at email@example.com