Motricity slashes its plans for stock offering to $100 million

Local Tech Wire

RESEARCH TRIANGLE PARK, N.C. – , the company that largely abandoned Durham for Washington state in March 2008 and laid off hundreds of workers in the Triangle, has slashed plans for its plans to go public.

In a filing with the SEC, Motricity says it wants to sell 6.75 million shares priced at between $14 and $16.

If successfully, the company would raise around $100 million.

When Motricity filed for its IPO in January, it targeted a raise of $250 million.

Motricity shares would trade on the Nasdaq under the symbol MOTR.

Goldman Sachs and J.P. Morgan are the underwriters.

Over the years the mobile information technology firm has raised some $365 million in venture capital, according to Private Equity Hub.

Regional backers include Noro-Moseley Partners and Wakefield Group.

Motricity generated some $113 million in revenue in 2009 and lost $16 million after $103 million in revenue and a $78 million loss the previous year.

Billionaire Carl Ichan is one of Motricity’s biggest investors.

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