Historically, Walker Innovation Inc., a Delaware corporation (collectively, with its subsidiaries, the “Company” or “Walker Innovation”), sought to develop and commercialize its unique portfolio of intellectual property assets through licensing and enforcement operations (“Licensing and Enforcement”). In response to challenging developments in the patent licensing and enforcement environment and the cessation of the Company's custom innovation work the Company undertook an extended period of evaluation of potential acquisitions. On June 28, 2018, the Board of Directors of Walker Innovation concluded that none of the viable acquisition targets presented characteristics that fulfilled our criteria of increasing shareholder value and creating opportunity for investors and approved the liquidation and dissolution of the Company pursuant to a Plan of Complete Liquidation and Dissolution (as amended to date, “Plan of Complete Liquidation and Dissolution” or the “Plan”), subject to stockholder approval. The dissolution of the Company was approved by its stockholders at a special meeting held on September 5, 2018.
On September 7, 2018, the Company filed a certificate of dissolution with the Secretary of State of the State of Delaware, which filing became effective on September 20, 2018 (the “Effective Date”). Subsequently, on September 27, 2018, the Company completed its initial liquidating distribution in the amount of $0.48 per share to each holder of its common stock and Series B Convertible Preferred Stock, or $16,844,791 in the aggregate. The liquidating distribution was made to stockholders as of the Effective Date (including trades through the Effective Date that settled after the Effective Date). In connection with the initial liquidating distribution, the Company's trading symbol on the OTCQB was deleted, the CUSIP for the common stock suspended and the Company's transfer agent closed the transfer books as of the Effective Date (including trades through the Effective Date that settled after the Effective Date).
On September 28, 2018, the Company completed the sale of four vending patents for $55,000, which disposal followed the transfer to a third-party licensee of six gaming patents from the Company's remaining portfolio in exchange for the third-party licensee's assumption of certain Company obligations. As part of the dissolution process, the Company will continue to try to sell additional patents, although the net proceeds of any such disposals are not expected to materially alter future liquidating distributions, if any.