Walker Innovation raises $4.9M from sale of 2.5M shares of Upside stock
Walker Innovation announced that it raised $4.9M from the sale of 2.5 million shares of Class A Common Stock in The Upside Commerce Group. The company partially exercised its warrant to acquire the shares of Class A Common Stock at a price of 6c per share. Prior to the transaction, the company held a warrant to purchase 16.4 million shares of Class A Common Stock in Upside. After giving effect to the sale, the company retains a warrant to purchase an additional 13.9 million shares of Class A Common Stock, representing approximately 13% of Upside's equity on a fully diluted basis, at an exercise price of 6c per share. The company expects to use the proceeds of this transaction to continue with its focused Licensing and Enforcement program, and to further its efforts to acquire one or more operating businesses, either within its current verticals or in new industry segments, or control of such operating businesses through contractual arrangements.