Walker Innovation set to shut down next week
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Walker Innovation founder Jay Walker, right, in August 2014 alongside executive Jonathan Ellenthal, in Stamford, Conn.
Walker Innovation founder Jay Walker, right, in August 2014 alongside executive Jonathan Ellenthal, in Stamford, Conn.
Photo: Ned Gerard / Ned Gerard
Photo: DOUGLAS HEALEY / AP
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Jay Walker holds a cell phone at his offices in Stamford, Conn., on March 20, 2003. Walker is founder and executive chairman of Stamford-based Walker Innovations, a Stamford-based company focused on commercializing Walker’s intellectual property. The firm has announced that it plans to dissolve on Sept. 20, 2018.
Jay Walker holds a cell phone at his offices in Stamford, Conn., on March 20, 2003. Walker is founder and executive chairman of Stamford-based Walker Innovations, a Stamford-based company focused on
Photo: DOUGLAS HEALEY / AP
Walker Innovation set to shut down next week
Walker Innovation, a Stamford-based firm focused on commercializing the intellectual property of its prolific founder, is moving ahead with its dissolution, a process set to be completed next week.
The company announced Friday it had filed a certificate of dissolution with the Delaware secretary of state that will go into effect Sept. 20. On that date, the firm plans to close its stock transfer books and stop recording transfers of its common stock.
Shareholders approved the company’s dissolution at a special meeting Sept. 5. As part of the decision, the board signed off on an “initial liquidating distribution” of 48 cents per share of the company’s common stock and Series B convertible preferred stock.
The distribution will be paid on or about Sept. 27 to those who were stockholders of record on the effective date of the certificate of dissolution.
Walker could make additional liquidating payouts, as the company’s contingency reserve could be released “over time.” In July, the firm reported the reserve totaled between $1.5 million and $2.5 million.
“No assurances can be made as to the ultimate amounts to be distributed, if any, or the timing of any such distributions,” the company said in last week’s announcement.
Walker officials announced the dissolution plan in early July.
“The company’s Board of Directors undertook a strategic review of the acquisition opportunities available to the company in light of the company’s current resources, and determined it to be in the best interests of the stockholders to dissolve the company,” the July announcement said in part.
A message left Tuesday for the company seeking further comment was not immediately returned.
As of June 30, the company held cash and “cash equivalents” of approximately $22.8 million.
Walker reported no revenues for the first quarter of 2018, the last period for which it disclosed financial results. The timing and results of patent prosecution and the company’s enforcement of its intellectual-property rights can fluctuate, company officials have said.
“Although we have continued to reduce our operating expenses, our primary focus remains identifying and assessing acquisitions and other opportunities that can create shareholder value,” CEO Jonathan Siegel said in a statement when the first-quarter earnings were reported in early May.
Walker Innovation’s founder and executive chairman, Jay Walker, is best known for founding Priceline.com, which now operates as the Norwalk-based Booking Holdings. He has twice been named by Time magazine as “one of the top 50 business leaders of the digital age,” according to last week’s announcement.
The announcement also described Walker as the world’s 14th-most patented living person, based on U.S. patent issuances.
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