EMCORE CORP: M&A transaction — EMCOR sells Broadband and Defense Optoelectronics product lines to Photonics Foundries

EMCORE CORP

Sold substantially all assets and liabilities of Broadband (cable TV, wireless, sensing) and Defense Optoelectronics to Ortel LLC.
Transaction excludes chip business and wafer fab; company becomes pure-play inertial navigation supplier for aerospace & defense.
EMCOR provides $5.5M guaranty on EMS provider long-term liabilities; $4.2M not payable until Jan 2026.
Last-time-buy revenues expected to aggregate ~$7M, of which $1.3M recognized through June 30, 2023.
Wafer fab operations shut down; company continues to pursue sale of chip business assets.

item 1.01 item 2.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.4

EMCORE CORP completed a disposition involving Photonics Foundries, Inc. (PF) and Ortel LLC (the Buyer).

Action: disposition
Counterparty: Photonics Foundries, Inc. (PF) and Ortel LLC (the Buyer)

Exact text from the filing

Item 2.01 Completion of Acquisition or Disposition of Assets. The disclosures regarding the Purchase Agreement and the Transaction set forth in Item 1.01 above is incorporated by reference into this Item 2.01.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

EMCORE CORP entered into Asset Purchase Agreement with Photonics Foundries, Inc. and Ortel LLC (effective 2023-10-11).

Action: entry
Agreement: asset purchase
Counterparty: Photonics Foundries, Inc. and Ortel LLC
Effective: 2023-10-11

Exact text from the filing

On October 11, 2023, EMCORE Corporation (the “Company”) entered into an Asset Purchase Agreement (the “Purchase Agreement”), by and among the Company, Photonics Foundries, Inc., a Delaware corporation (“PF”), and Ortel LLC a Delaware limited liability company and wholly owned subsidiary of PF (the “Buyer”)

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Source: SEC EDGAR

accession 0001104659-23-108703

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