Knowles closes $150M sale of consumer MEMS microphone business to Syntiant

Knowles Corp

Total consideration: $70M cash plus $80M in Syntiant Series D-2 preferred stock.
Knowles provided $6.4M financing to Syntiant and granted up to $13.5M credit for separation costs.
Knowles obtains board observer rights on Syntiant's board as long as it holds sufficient preferred shares.
Pro forma shows CMM segment removal turns net loss of $256M to net earnings of $13M for 9M 2024.
CEO states sale marks milestone in transformation to industrial technology company focusing on higher-value markets.

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