Exhibit 5.1
Graubard Miller
The Chrysler Building
405 Lexington Avenue
New York, N.Y. 10174-1901
(212) 818-8800
August 21, 2019
ParkerVision, Inc.
7915 Baymeadows Way, Suite 400
Jacksonville, Florida 32256
Re:
Registration Statement
Ladies and Gentlemen:
Reference is made to the Registration Statement on Form S-1 (the “Registration Statement”) filed by ParkerVision, Inc. (the “Company”), a Florida corporation, under the Securities Act of 1933, as amended (the “Act”), with respect to an aggregate of 18,014,164 shares of common stock, par value $0.01 per share (“Common Stock”), to be offered for resale by the selling stockholders named therein (the “Selling Stockholders”), consisting of (i) up to 5,457,583 shares of Common Stock issuable upon conversion of, and for the payment of interest from time to time upon, convertible promissory notes issued to certain of the Selling Stockholders pursuant to securities purchase agreements dated June 7, 2019 through July 15, 2019 (the “Tranche 1 Notes”), (ii) up to 10,131,581 shares of Common Stock issuable upon conversion of, and for the payment of interest from time to time upon, convertible promissory notes issued to certain of the the Selling Stockholders pursuant to securities purchase agreements dated July 18, 2019 (the “Tranche 2 Notes”, and together with the Tranche 1 Notes, the “Notes”), (iii) up to 625,000 shares of Common Stock issued to a Selling Stockholder in connection with a consulting agreement dated June 7, 2019 (the “Fisher Consulting Shares”), and (iv) up to 1,800,000 shares of Common Stock issuable upon exercise of a five-year warrant held by a Selling Stockholder (the “Park Consulting Warrant”). The shares of Common Stock identified in clauses (a)(i), (a)(ii), and (a)(iii) are referred to collectively as the “Shares.”
We have examined such documents and considered such legal matters as we have deemed necessary and relevant as the basis for the opinion set forth below. With respect to such examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as reproduced or certified copies, and the authenticity of the originals of those latter documents. As to questions of fact material to this opinion, we have, to the extent deemed appropriate, relied upon certain representations of certain officers and employees of the Company.
Based upon the foregoing, it is our opinion that:
1. The Shares issued and issuable pursuant to the Notes have been duly authorized and, when issued upon conversion of the Notes or as payment of interest thereon, as applicable, in accordance with the terms of the Notes, will be legally issued, fully paid and non-assessable.
2. The Fisher Consulting Shares have been authorized and, when issued in accordance with the terms of the applicable governing documents, against payment therefor, will be legally issued, fully paid and non-assessable.
3. The Shares issuable pursuant to the Park Consulting Warrant have been duly authorized and, when issued in accordance with the Park Consulting Warrant, against payment therefor, will be legally issued, fully paid and non-assessable.
In giving this opinion, we have assumed that all certificates for the Shares have been, or will be, duly executed on behalf of the Company by the duly authorized Company officers and/or the Company’s transfer agent and registered by the Company’s registrar, if necessary, and conform, or will conform, except as to denominations, to specimens which we have examined.
We are opining solely on applicable statutory provisions of Florida corporate law, including the rules and regulations underlying those provisions, all applicable provisions of the Florida Constitution and all applicable judicial and regulatory determinations.
We hereby consent to the use of this opinion as an exhibit to the Registration Statement, to the use of our name as your counsel, and to all references made to us in the Registration Statement and in the Prospectus forming a part thereof. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Act, or the rules and regulations promulgated thereunder.
Very truly yours,
/s/ Graubard Miller
