June 24, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Vringo, Inc. (VRNG), a provider of video ringtones and mobile personalization solutions for mobile devices, said that it has priced its initial public offering of 2.392 million units at an offering price of $4.60 per unit, resulting in gross proceeds of $11,003,200 to the company.

Maxim Group LLC is acting as the sole book-running manager.

Each unit consists of one share of Vringo common stock and two five-year warrants, each warrant to purchase one share of common stock at an exercise price of $5.06 per share. In addition, the company has granted the underwriters a 45-day option to purchase up to an additional 358,800 units to cover over-allotments, if any.

Vringo plans to use the net proceeds from the offering for capital expenditures, cost of revenue, research and development, sales and marketing and general corporate purposes, including working capital and repayment of a portion of its credit loan facility.

The initial public offering is scheduled to close on or about June 25.

New York-based Vringo offers a video ringtone application and web platform. By installing Vringo's application, which is compatible with more than 200 handsets, users can create or take video, images and slideshows and make it into their personal call signature.

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