New York
– Vringo, a distributor of video ringtones and mobile personalization
applications, announced on Tuesday that it has raised $11 million in its
initial public offering (IPO) of shares on the NYSE Amex.
The 2.4 million
shares were priced at $4.60 each, near the lower end of their expected price
range of $4.50 to $5.50.
Founded in 2006, New York-based Vringo’s video
ringtone application is compatible with more than 200 handset models, and lets
users create or take video, images and slideshows from various sources and make
them into their personal call signatures.
The company said it will use proceeds
from the offering for capital expenditures, cost of revenue, research and
development, sales and marketing and general corporate purposes, including
working capital and repayment of a portion of its credit loan facility.
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