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Vringo Boosts Balance Sheet to $55 Million - Bolstering Its Position for Sizable Settlement
Vringo, Inc. (VRNG) announced that they have raised $45 Million as part of a straight equity deal just two days after a U.S. court ordered defendants Google Inc. (GOOG), AOL, Inc. (AOL), IAC/InterActiveCorp. (IACI), Target Corporation (TGT), and Gannett Co., Inc. (GCI) to engage in Settlement Discussions with Vringo next Tuesday, October 9.
The court denied the defense team's request for a Summary Judgment stating there were "genuine issues of material fact in dispute".
A settlement may be reached at the Settlement Conference. If not, the trial is set to begin on October 16.
The substantial money raise is seen mostly as a positive move by Vringo's management given that the firm is now armed with $55 million in cash, and can therefore show far greater strength in negotiating a larger settlement with Google.
If the parties cannot reach a settlement next week, Vringo is scheduled to meet Google et al. in court where they will seek a potential multi-billion award.
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Source: Equity Brief via Thomson Reuters ONE