PARKERVISION, INC. (NASDAQ:PRKR) Files An 8-K Entry into a Material Definitive Agreement

PARKERVISION, INC. (NASDAQ:PRKR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.Entry into a Material Definitive Agreement.

On January 14, 2020, the Company entered into a subscription agreement (the “Subscription Agreement”) providing for the sale of an aggregate of 166,167 shares (“Shares”) of the Company’s common stock, par value $0.01 per share, at a price of $0.15 per share, to an accredited investor. The Company closed the sale contemplated by the Subscription Agreement on January 20, 2020. The Subscription Agreement contains customary representations and warranties of the purchaser. The $25,000 in proceeds from the sale of the Shares will be used to fund the Company’s operations.
The Company also entered into a registration rights agreement (the “Registration Rights Agreement”) with the investor to which the Company will register the Shares. The Company has committed to file the registration statement by the 120th calendar day following the closing date and to cause the registration statement to become effective by the 180th calendar day following the closing date. The PIPE Registration Rights Agreement provides for liquidated damages upon the occurrence of certain events including failure by the Company to file the registration statement or cause it to become effective by the deadlines set forth above. The amount of the liquidated damages is 1.0% of the aggregate subscription upon the occurrence of the event, and monthly thereafter, up to a maximum of 6%.
The Shares were offered and sold on a private placement basis under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 promulgated thereunder.
The foregoing summary of the Purchase Agreement and the Registration Rights Agreement are qualified in their entirety by reference to the full text of the agreements, which are attached as part of Exhibits 10.1 and 10.2 hereto and are incorporated herein by reference.
In addition, on January 15, 2020 the Company issued 500,000 unregistered shares of the Company’s Common Stock (the “Repayment Shares”) as an in-kind payment of approximately $75,000 in outstanding amounts payable to Stacie Wilf, a related party.
Item 3.02.Unregistered Sales of Equity Securities.
The disclosures included in Item 1.01 regarding the shares subject to the Subscription Agreement and the Repayment Shares are incorporated herein by reference to the extent required.
Item 9.01.Financial Statements and Exhibits.
(d)
Exhibits:

PARKERVISION INC Exhibit
EX-10.1 2 prkr_ex101.htm SECURITIES PURCHASE AGREEMENT Blueprint   Exhibit 10.1   SECURITIES PURCHASE AGREEMENT   This Securities Purchase Agreement (this “Agreement”) is dated as of January 20,…
To view the full exhibit click here

Story continues below

About PARKERVISION, INC. (NASDAQ:PRKR)

ParkerVision, Inc. is engaged in the designing, developing and marketing of its radio frequency (RF) technologies and products. The Company’s business is focused on the development and marketing of its RF technologies for mobile and other wireless applications. Its products include a modulator/demodulator component that incorporates its technologies, as well as a small number of supporting components that are used in the assembly of wireless devices. Its products are used in wireless communication products and applications. In addition, it offers engineering design and consulting services to third parties to assist them in developing and testing products. Its technologies represent methods for processing RF waveforms in wireless applications. Its technologies apply to both transmit and receive functions of transmitters, receivers and transceivers. A portion of its transmit technology is marketed as Direct2Power (d2p) and its receiver technology is marketed as Direct2Data (d2d).

An ad to help with our costs