Walker Innovation Board Announces Decision to Seek Dissolution
July 2nd, 2018 by Brett Laurance
Stamford, CT – July 2, 2018 – Walker Innovation Inc. (OTCQB: WLKR) (“Walker Innovation” or the “Company”), which sought to develop and commercialize its unique portfolio of intellectual property assets through licensing and enforcement operations, today announced that its Board of Directors has approved the liquidation and dissolution of the company, subject to stockholder approval, and plans to distribute all available cash to its stockholders as soon as legally permitted and reasonably practicable after paying or making reasonable provision for all known and potential liabilities and other obligations of the Company. As of June 30, 2018 the Company had cash and cash equivalents of approximately $22.8 million and 39,526,311 shares outstanding on a fully diluted basis. The Company currently estimates, subject to change, that the initial distribution to stockholders will occur in September 2018 and will be net of the Company’s operating expenses and additional costs of liquidation and dissolution incurred between June 30, 2018 and the date of distribution, as well as a contingency reserve of between $1.5 – $2.5 million for known and potential liabilities and other obligations of the Company during the wind down period following the initial distribution. The Company anticipates that unused contingency reserve, if any, will be the subject of one or more future distributions.