logo
Plus   Neg
Share
Email

Kopin In Asset Purchase Agreement With Solos Technology - Quick Facts

Kopin Corp. (KOPN), a developer of wearable computing technologies and solutions, announced Monday that it has entered into an Asset Purchase Agreement with Solos Technology Ltd.

The Purchase Agreement will see Kopin selling and licensing to Solos certain assets of its Solos product line and Whisper Audio technology. On August 8, 2019 Kopin announced its intention to spin out these assets to a group of employees and investors.

As consideration for the transaction, Kopin received 1.17 million common shares representing a 20.0 percent equity stake in the buyer's parent company, Solos Inc.

Kopin's 20.0 percent equity stake will be maintained until Solos Inc. has raised a total of $7.5 million in equity financing.

Kopin will also receive a royalty in the single digits on the net sales amount of Solos products for a four-year period, after commencement of commercial production. Kopin's Hong Kong employees have been offered employment with the Buyer and most are expected to transition to the new company.

Additionally, Kopin has a non-exclusive, limited, fully paid-up, royalty-free worldwide license, including modification of or improvement or enhancement to the Whisper technology, for enterprise and military customers.

For comments and feedback contact: editorial@rttnews.com

Business News

RELATED NEWS
Follow RTT
>