WESTBOROUGH, Mass.--(BUSINESS WIRE)--Kopin Corporation (NASDAQ:KOPN) (“Kopin”) today announced that it has closed its previously announced transaction with Goertek Inc. (“Goertek”), receiving approximately $24.6 Million dollars in gross proceeds from Goertek in exchange for issuing approximately 7.6 million shares of Kopin stock. Goertek is a leading innovative global technology company headquartered in Weifang China that designs and manufactures a range of consumer electronics products for brand customers including wearables, virtual and augmented reality (VR and AR) headsets, and audio products.
Under the terms of the stock sale agreement, Kopin sold 7,589,000 shares of Kopin’s common stock to Goertek for US $24,664,250 ($3.25 per share). This represents approximately 10.1% of Kopin’s total outstanding shares of common stock. In addition, as previously disclosed, Kopin and Goertek have entered into agreements to jointly develop and commercialize a range of technologies and wearable products.
“We are pleased to have Goertek as a large shareholder of Kopin since the interests and core capabilities of our two companies are very complimentary,” said Dr. John C.C. Fan, Kopin’s President and CEO. “We have been working closely together, leveraging Goertek’s leading product development and manufacturing capabilities to commercialize our high-performance technologies for VR, AR and audio products.”
“This agreement further aligns the interests of both Goertek and Kopin,” said Long Jiang, Goertek’s CEO. “We will utilize Kopin’s industry leading technologies to create a range of wearable products with the most advanced features for our customers. We are excited to see the initial products utilizing Kopin key components hit the market later this year.”
About Goertek
Goertek Inc. was established in June 2001, and listed on the Shenzhen Stock Exchange in May, 2008. As a leading innovative high-tech company, Goertek’s main focuses consist of R&D, production and sales of electro-acoustic components, optical components, and smart hardware system products. Goertek provides vertically integrated total solutions and services to globally-renowned consumer electronics companies. Goertek is one of the main high-end VR/AR ODM solutions providers in the world.
Since Goertek's establishment in 2001, Goertek has high performance with a consistent and rapid growth rate. By the end of 2015 sales revenue had exceeded over 13.7 billion RMB (total assets 19.2 billion RMB). By market share, Goertek is a top ranked company in the miniature microphone. For more information, please visit Goertek’s website at www.goertek.com.
About Kopin
Kopin Corporation is a leading developer and provider of innovative wearable technologies and solutions for integration into head-worn computing and display systems to military, industrial and consumer customers. Kopin’s technology portfolio includes ultra-small LED and OLED LightningTM displays, optics, speech enhancement technology, system and hands-free control software, low-power ASICs, and ergonomically designed smart headset reference systems. Kopin is the world’s leader in microdisplays. Over the years, Kopin has shipped over 30 million LCD microdisplays for consumer applications. Kopin’s proprietary components and technology are protected by more than 300 global patents and patents pending. For more information, please visit Kopin’s website at www.kopin.com.
