Kopin restructures with partial spinout of OLED unit and reduction in force

KOPIN CORP

Kopin entered a technology license agreement with Lightning Silicon Technology, formed by Chairman Dr. John C.C. Fan, to develop OLED microdisplays for consumer AR/VR.
Kopin retains 20% ownership in Lightning Silicon and will receive royalties from product sales, while retaining OLED IP and exclusive bilateral license.
Kopin announces a reduction in force across other product lines, expecting annualized payroll expense to decrease by approximately 20% since Dec 31, 2022.
Lightning Silicon plans a partnership with Lakeside Lightning Semiconductor Co. in Jiangsu, China, which recently broke ground on a new 12" OLED fab.
CEO Michael Murray states the restructuring aims to restore profitability by focusing resources on defense, industrial, and consumer applications.

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