Solos technology limited acquired certain assets of product line of solos and whisper audio technology from kopin corporation (nasdaqgs:kopn) on september 30, 2019.

Solos technology limited entered into an asset purchase agreement to acquire certain assets of product line of solos and whisper audio technology from kopin corporation (nasdaqgs:kopn) on september 30, 2019. as consideration for the transaction, kopin received 1,172,000 common shares representing a 20.0% equity stake in the solos technology’s parent company, solos inc. kopin’s 20% equity stake will be maintained until such time as 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. john c.c. fan will serve as chairman of the board of solos inc., but will have no management or operational role or responsibilities with solos inc. or solos technology. solos technology limited completed the acquisition of certain assets of product line of solos and whisper audio technology from kopin corporation (nasdaqgs:kopn) on september 30, 2019.
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