Glimpse Group divests QReal and Turkey ops for ~$4M in management buyout

Glimpse Group, Inc.

Divestiture of QReal and Glimpse Turkey; expected initial net value ~$4M, including $1.2-1.5M annual expense savings.
Company retains revenues from QReal's largest customer until $1.35M net cash collected; then 18-month revenue share.
Issued $1.56M senior secured convertible note in new entity; received minority equity stake as well.
No material change expected to FY2024 and FY2025 revenues; operations streamlined by ~60 employees.

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