Business
Identiv Reports Second Quarter 2024 Financial Results
Transformative $145 Million Agreement Approved by Stockholders on June 28; On Track to Close in Q3 2024, Subject to Regulatory Approval IoT Strategic Growth
About this update from Identiv, Inc.
[{"type":"text","content":"\nTransformative $145 Million Agreement Approved by Stockholders on June 28; On Track to Close in Q3 2024, Subject to Regulatory Approval\n\n\nIoT Strategic Growth and Go-to-Market Plan Advances; Conclusion Expected in Q4 2024\n\n\nThailand Production Facility Earns ISO 9001:2015 and ISO 14001:2015 Certifications\n\n\n FREMONT, Calif.--(BUSINESS WIRE)--\nIdentiv, Inc. (NASDAQ: INVE), a global digital security and identification leader in the Internet of Things (IoT), today released its financial results for the second quarter ended June 30, 2024.\n\n\nStatus of Asset Sale Transaction\n\n\nOn April 2, 2024, Identiv entered into a definitive asset purchase agreement to sell its physical security, access card, and identity reader operations and assets (the “Physical Security Business”) to a wholly owned subsidiary of Vitaprotech, a security solutions provider. Under the terms of the agreement, Identiv will receive a cash payment of $145 million upon closing of the transaction, subject to customary adjustments. As of August 8, 2024, Identiv has received approval or cleared applicable waiting periods under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, and the United Kingdom National Security and Investment Act 2021. The transaction was approved by Identiv’s stockholders on June 28, 2024, and remains subject to approval by the Committee on Foreign Investment in the United States (CFIUS). Identiv anticipates that the transaction will close in the third quarter of 2024. The proceeds from the sale will significantly strengthen Identiv’s financial position, providing capital to pursue growth opportunities for its specialty IoT solutions business.\n\n\nManagement Commentary\n\n\n\"We achieved significant milestones in the second quarter toward concluding the previously announced asset sale transaction,” said Identiv CEO Steven Humphreys. “This included a highly supportive stockholder vote in favor of the transaction, affirming our decision to focus exclusively on growing our IoT solutions business. At the same time, we made progress expanding RFID production in Thailand and advancing our strategic plan for RFID-enabled IoT applications. We are excited for the future of Identiv and remain on track for an expected close of the asset sale transaction in the third quarter.”\n\n\n“I am excited to lead the IoT team throug...