Simpson Thacher Represents Underwriters in Initial Public Offering by Motricity
07.12.10
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Simpson Thacher represented the underwriters, led by J.P. Morgan Securities Inc. and Goldman, Sachs & Co., in connection with the initial public offering of 6,000,000 shares of common stock of Motricity, Inc. resulting in aggregate gross proceeds of $60 million. An entity affiliated with Mr. Carl. C. Icahn purchased 1,000,000 shares directly from Motricity in connection with the offering at the initial public offering price less the underwriting discount. Mr. Icahn beneficially owned approximately 18.3% of Motricity’s common stock on an as-converted to common stock basis prior to this purchase.
Motricity, Inc. is a leading provider of mobile data solutions that enable wireless carriers to deliver mobile data services to their subscribers. Motricity’s shares are listed on the NASDAQ Global Market under the symbol “MOTR.”
The Simpson Thacher team for this offering included, among others, Bill Hinman, Nidhi Shah, James Toy and Konstantin Vertsman (Capital Markets); Tristan Brown, Victoria Stewart and Grace Lin (Executive Compensation and Employee Benefits); Andrew Pagliughi and Jennie Getsin (FINRA and Blue Sky); George Morris and Brandon Martin (Litigation); Jeffrey Ostrow and Keren Siman-Tov (Intellectual Property); and Dan Foster (Tax). Paralegal Stephanie Alessi also provided valuable assistance.