Rating: Motricity raises $28 million
Apple’s shares fell two per cent to $628.10 yesterday [October 11th 2012] after a US appeals court overturned a preliminary injunction on the sale of Samsung’s Galaxy Nexus smartphone. The court ruled that the Californian district court which had issued the ban in June, had “abused its discretion in entering an injunction.” This has dealt a major blow to Apple in its battle against Google’s Android mobile OS.
Experts believe the ruling could hamper future attempts to ban competitors’ products.
That’s lucky because the case was against the Nexus not the Galaxy which would have been more devastating.
Meanwhile, Motricity (Nasdaq:MOTR) has announced that it expects to receive net proceeds of approximately $28 million from its Rights Offering.
The biggest benefactor is Carl C. Icahn who will own around 30.7 per cent of the Motricity’s common stock and control approximately 14.7 per cent of the voting power of its common stock.
Additionally, he will hold around 95.5 per cent of its Series J Preferred Stock, which class has limited voting rights.
Motricity enables mobile operators, brands and advertising agencies to maximise the reach and economic potential of the mobile ecosystem.
It does this through the delivery of relevance-driven merchandising, marketing and advertising solutions.
Motricity utilises advanced predictive analytics capabilities to deliver the right content, to the right person at the right time.
Motricity claims its unique combination of technology, expertise and go-to-market approach delivers ROI for mobile operators, brands and advertising agencies.
David Evans is on holiday.