Press release
SEALSQ Receives Final Approval from the French Ministry of the Economy, Finance and Industrial and Digital Sovereignty and Completes Acquisition of IC’ALPS
Geneva, Switzerland, Aug. 04, 2025 (GLOBE NEWSWIRE) -- SEALSQ Corp (NASDAQ: LAES) ("SEALSQ" or "Company"), a company that focuses on developing and selling
About this update from Sealsq Corp
[{"type":"text","content":" Geneva, Switzerland, Aug. 04, 2025 (GLOBE NEWSWIRE) -- SEALSQ Corp (NASDAQ: LAES) (\"SEALSQ\" or \"Company\"), a company that focuses on developing and selling Semiconductors, PKI, and Post-Quantum technology hardware and software products, and its parent company, WISeKey International Holding Ltd (NASDAQ: WKEY / SIX: WIHN), a global leader in cybersecurity, digital identity, and IoT technologies, today announced that it received final approval from the French Ministry of the Economy, Finance and Industrial and Digital Sovereignty under applicable foreign investment regulations and subsequently completed the acquisition of 100% of the share capital and voting rights of IC’ALPS SAS from its current shareholders (the “Sellers”), effective August 4, 2025. As a result of the acquisition, approximately 90 employees from IC’ALPS have joined SEALSQ, bringing the Company’s total staff in France to over 150 people, significantly strengthening SEALSQ’s presence and capabilities in Europe’s semiconductor sector. The acquisition was for a total fixed purchase price of EUR 12.5 million, payable in a combination of cash and SEALSQ shares, with a further earn-out payment of up to EUR 4 million payable in SEALSQ shares, subject to IC’ALPS achieving certain revenue targets for the twelve months ending December 31, 2025. The SEALSQ Ordinary Shares issued as part of the consideration will be subject to a 180-day lock-up period, during which the relevant Seller receiving these shares will be restricted from selling, transferring, or otherwise disposing of them. During the year ended December 31, 2024, based on the audited financial statements of IC’ALPS provided to SEALSQ and prepared according to French GAAP, the revenue of IC’ALPS was EUR 9,756,000 and the net loss was EUR 2,016,000. During the year ended December 31, 2023, based on the audited financial statements of IC’ALPS provided to SEALSQ and prepared according to French GAAP, the revenue of IC’ALPS was EUR 8,465,000 and the net income was EUR 318,000.1 SEALSQ will prepare audited financial statements for IC’ALPS under US GAAP for the fiscal years 2023 and 2024. These adjustments may result in material differences from the preliminary figures provided above. Business Continuity and Expertise of IC’ALPS IC’ALPS will continue its core business of providing bespoke Application-Specific Integr...