Video ringtone company Vringo has filed for an $11 million initial public offering, according to documents filed with the SEC. The company has been attempting to go public since January, when it first filed IPO documents with the regulator.
Vringo plans to sell about 2.4 million shares at an offering price of $4.60 and says the deal should close by the end of this week. The company’s first IPO filing estimated its IPO would fetch between $4 and $6 per share.
If the IPO is successful, Vringo’s stock will begin trading as VRNGU on the New York Stock Exchange Amex Equities index, which handles stock for small and micro cap companies.
The money generated from the public offering will help Vringo fund research and development initiatives and pay off debt. Vringo has struggled to improve its sales, which came in at just $30,000 for the three months ended March 31, resulting in a net loss of almost $2 million.
The company has launched its commercial services with four wireless providers in Turkey, Malaysia, Armenia and the United Arab Emirates.