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August 21, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Stamford-headquartered Walker Innovation to shut down

The board of directors of Stamford-headquartered Walker Innovation Inc. has approved the liquidation and dissolution of the company, which owns and seeks commercial usage for the portfolio of intellectual property developed by inventor and entrepreneur Jay Walker. As of June 30, the company had approximately $22.8 million in cash and cash equivalents and 39.5 million shares outstanding on a fully diluted basis.

Walker, the company’s executive chairman, is the founder of Priceline.com and was twice named by Time magazine as “one of the top 50 business leaders of the digital age.” Walker also ranks 14th in holding the most U.S. patent issuances to a living person.

During its last earnings report, a May statement covering the first quarter of this year, the company gave no clue that it was planning to dissolve.

“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,” said CEO Jonathan Siegel at the time.

Walker Innovation reported no revenue for the first quarter, while its total operating expenses for that period were approximately $700,000, which included costs associated with patent prosecution and maintenance.