Press release
Kopin Corporation Announces Agreement for $15 Million Strategic Investment From Theon International Plc to Accelerate Global Defense Innovation
Kopin gains significant access to the European and NATO defense market Accelerates development of critical technologies Further strengthens Kopin’s balance
About this update from Kopin Corporation
[{"type":"text","content":"\n\nKopin gains significant access to the European and NATO defense market\n\n\n\nAccelerates development of critical technologies\n\n\n\nFurther strengthens Kopin’s balance sheet\n\n\n\nFixed conversion price of $3.00 per share on $7 million convertible preferred stock issuance\n\n\n\n WESTBOROUGH, Mass.--(BUSINESS WIRE)--\nKopin Corporation (NASDAQ: KOPN) a leading provider of application-specific optical systems and high-performance microdisplays for defense, training, enterprise, industrial, consumer and medical products, announces a $15.0 million strategic investment agreement by Theon International Plc (Euronext Amsterdam: THEON), a globally recognized developer and manufacturer of advanced thermal imaging and night vision systems for global defense and thermal imaging markets.\n\n\nUpon closing the parties will enter into a licensing and development agreement and funding agreements. Theon will invest $8.0 million into Kopin’s subsidiary in Dalgety Bay, Scotland, supporting co-developed products for Europe, Southeast Asia, and NATO countries, enabling collaborative initiatives across key global regions. In exchange for the $8.0 million Theon will receive a 49% equity interest in Kopin Europe. The parties anticipate performing joint development and production activities at Kopin’s wholly owned subsidiary in Reston, Virginia USA.\n\n\nIn addition, Theon will purchase $7.0 million of preferred shares from Kopin convertible into common stock at a fixed conversion price of $3.00 per share. Kopin will have the ability to force the conversion to common stock, once Kopin’s stock trades at $4.50 or higher for a period of 10 trading days within a 30 consecutive trading day period as defined in the agreements. The preferred shares carry an annual dividend of 4% payable in cash and stock. The $15.0 million investment is subject to standard closing conditions including obtaining necessary regulatory approval and is expected to close in Kopin’s fiscal third quarter.\n\n\n\"We are glad to be partnering up with KOPIN to realize their strategy of supplying complete systems directly to end users using novel micro-displays,” said Christian Hadjininas, THEON's CEO. “THEON's extended A.R.M.E.D. product line of Augmented Reality solutions for the dismounted solder will be a vehicle for co-developments between the two companies enabling and expa...