BELLEVUE, Wash., June 18, 2010 (GLOBE NEWSWIRE) -- Motricity (Nasdaq:MOTR), a leading provider of mobile data solutions, announced that it has priced its initial public offering of 6,000,000 shares of common stock at a price of $10 per share. This includes 1,000,000 shares that are being purchased at the initial public offering price, less the underwriting discount by one or more entities affiliated with Carl C. Icahn. Mr. Icahn has an existing 18.5% beneficial ownership interest in the Company prior to this purchase. Motricity's common stock will begin trading on the NASDAQ Global Market today under the symbol "MOTR." The underwriters have a 30-day option to purchase up to an additional 750,000 shares of common stock from the Company at the initial public offering price.
J.P. Morgan Securities Inc. and Goldman, Sachs & Co. are acting as joint book-running managers. Deutsche Bank Securities Inc., RBC Capital Markets Corporation, Robert W. Baird & Co. Incorporated, Needham & Company, LLC and Pacific Crest Securities LLC are acting as co-managers.
A registration statement relating to the shares of common stock was declared effective by the Securities and Exchange Commission on June 17, 2010. Any offer or sale will be made only by means of a written prospectus forming part of the effective registration statement. Copies of the final prospectus relating to the offering may be obtained, when available, from J.P. Morgan Securities Inc.; c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, Attn: Prospectus Department, telephone (866) 803-9204 or Goldman, Sachs & Co., 200 West Street, New York, New York 10282, Attn: Prospectus Department, telephone (866) 471-2526.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Motricity
Motricity (Nasdaq:MOTR) is a leading mobile data solutions provider exclusively focused on the rapidly growing mobile Internet market. It serves some of the world's largest mobile carriers, simplifying the mobile Internet and creating a personalized mobile experience for subscribers. Motricity helps companies leverage the power of mobility to make direct, personalized connections with their customers.