Home Fairfield Walker Innovation sets dissolution date

Walker Innovation sets dissolution date

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Walker Innovation Inc. filed a certificate of dissolution with the Delaware Secretary of State that becomes effective on Sept. 20.

The Stamford-based company, which owns and seeks commercial usage for the portfolio of intellectual property developed by inventor and Priceline.com founder Jay Walker, will close its stock transfer books and cease recording common stock transfers when its dissolution goes into effect. In connection with the dissolution, the company’s board of directors approved an initial liquidating distribution of $0.48 per share of the company’s common stock and Series B Convertible Preferred Stock, which will be paid on or about Sept. 27 to stockholders of record.

The company, which did not publicly explain why it was pursuing this course of action, first announced its plans to shut down in July. As of June 30, the company had approximately $22.8 million in cash and cash equivalents and 39.5 million shares outstanding on a fully diluted basis; there was no revenue reported for the first quarter, while its total operating expenses for that period were approximately $700,000, which included costs associated with patent prosecution and maintenance.

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