Motricity prices IPO at $10, issues 6 million shares

Roughly five months after first filing for an initial public offering intended to raise $250 million, mobile content solutions provider Motricity finally began trading on the NASDAQ Global Market Friday, offering 6 million shares of common stock priced at $10 per share. Motricity previously projected an offering made up of 6.75 million shares valued at $14 to $16 apiece--the firm adds the IPO includes a million shares purchased less the underwriting discount by one or more entities affiliated with billionaire investor Carl Icahn, who already retained an existing 18.5 percent beneficial ownership interest prior to the purchase. Motricity will trade under the symbol MOTR.

Motricity previously said the proceeds of the IPO are earmarked to fund investments and product/technology acquisitions, with the remaining net proceeds going into short-term, interest-bearing investment grade securities. The company's mCore platform offers mobile operators tools to manage their mobile content, web, messaging and marketing efforts. Per an earlier SEC filing, the company provides mobile data services to more than 30 million subscribers worldwide.

For more on the Motricity IPO:
- read this release

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