Tessera amended its investment agreement with MEA Testing Systems, increasing its equity stake from 10% to 15% for $50,000 in cash and 130,000 shares of Tessera common stock, with an additional 65,000 shares subject to NYSE American approval. Tessera also agreed to provide a convertible loan facility of up to $475,000 for working capital and drone-related activities. The company received an exclusive, perpetual, worldwide license to MEA's technology and an option to acquire the remaining interest in MEA based on fiscal year 2027 audited results. MEA will remain majority owned by Motomova, and management remains unchanged.
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Executive Summary
Tessera amended its investment agreement with MEA Testing Systems, increasing its equity stake from 10% to 15% for $50,000 in cash and 130,000 shares of Tessera common stock, with an additional 65,000 shares subject to NYSE American approval. Tessera also agreed to provide a convertible loan facility of up to $475,000 for working capital and drone-related activities. The company received an exclusive, perpetual, worldwide license to MEA's technology and an option to acquire the remaining interest in MEA based on fiscal year 2027 audited results. MEA will remain majority owned by Motomova, and management remains unchanged.
Financial Impact
Not specified
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Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3363251 |
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