Unwired Planet, Inc. (NASDAQ: UPIP) said its rights offering raised USD12.5m of gross proceeds, including proceeds from a standby commitment made by Indaba Capital, L.P.
Stockholders subscribed for a total of 5,274,659 shares of the company´s common stock pursuant to their basic subscription privileges, representing a 70% participation rate. In addition, a total of 2,481,365 shares of common stock will be issued to the standby purchaser, which amount includes 225,904 shares of common stock in consideration for providing its standby commitment.
Unwired Planet is a premier intellectual property company focused exclusively on the mobile industry. The company´s patent portfolio of more than 2,400 issued US and foreign patents includes the technologies that allow mobile devices to connect to the Internet and enable mobile communications. Unwired Planet is headquartered in Reno, Nevada.