The Rights Offering will include an additional subscription privilege
entitling holders of Rights who have fully exercised their Rights to subscribe for additional common shares, if available, that were not otherwise subscribed for under the Rights Offering.
Under the terms of the Rights Offering, all record holders of the Company's common stock as of 5:00 p.m., Eastern Daylight Time, on April 19, 2016, the record date for the Rights Offering, will receive, at no charge, one non-transferable subscription right for each share held as of the record date ("basic subscription privilege
A total of 200,084,396 subscription receipts were subscribed for by rights holders pursuant to the basic subscription privilege
attached to each Right.
Investors who exercise their subscription privilege
in full are allowed to over-subscribe for shares that remain unsubscribed at the expiry of the rights offering.
The company will issue 24,183,651 rights shares as additional subscription privilege
for the company shareholders.
Shareholders who exercise all of their rights will also be entitled to acquire additional common shares from an additional subscription privilege
to be provided under the offering,
All record holders of rights that wish to participate in the rights offering must deliver a properly completed and signed subscription rights statement, together with payment of the subscription price for both basic subscription rights and any over subscription privilege
election, to the Subscription Agent, to be received before 5:00 PM Eastern Time on March 1.
Icahn, Motricity's largest stockholder, who as of July 23, 2012 beneficially owned approximately 16.5% of the company's outstanding securities and controlled approximately 14.7% of the voting power of its common stock, exercised his basic subscription privilege
and his over-subscription privilege in full.