LONDON: Amino Technologies (LON: AMO), a software-led global media technology company that delivers modern TV experiences, has submitted a bid to acquire the trade and assets of MobiTV Inc. and MobiTV Services Corporation, a US live and on-demand TV platform provider.
MobiTV is USA based and provides a TV-as-a-Service (TVaaS) solution that allows operators to fully modernise their PayTV offering to consumers, reduce costs, utilise network bandwidth more efficiently and to enable the future upgrades of new services and features.
The MobiTV solution is a white labelled managed service for a full TV platform, including live and on-demand TV content, network PVR functionality and content rights.
The Possible Acquisition would immediately establish a TVaaS infrastructure capability in the USA for Amino, which the Board of Amino estimate would require significant investment over a 6-12 month period to develop organically.
The Possible Acquisition would also provide an immediate contribution towards Amino (LON: AMO) strategic financial goals, in particular its focus on increasing annual recurring revenues. The Possible Acquisition, if completed, would be a Substantial Transaction pursuant to AIM Rule 12.
MobiTV is currently in a Chapter 11 bankruptcy process in the USA, pursuant to which Amino submitted a bid for the trade and assets of MobiTV to the United States Bankruptcy Court for the District of Delaware on 7 May 2021. Whether Amino’s bid is successful will be decided by the Court following an auction process to be held on 11 May 2021.
Once the Auction has been completed, a hearing before the Court to request approval of all aspects of the sale to the winning bidder is scheduled for 21 May 2021 at 2.00pm EST (7pm BST). The acquisition of the trade and assets of MobiTV must close by 31 May 2021.
The costs and working capital commitments associated with the Possible Acquisition are to be funded by the Company’s existing cash resources and available credit facilities, supplemented by a placing of new Ordinary Shares in the Company to institutional and other investors commitments for which have been made by certain shareholders and other investors, subject to customary conditions including, inter alia, admission of the new Ordinary Shares to trading on AIM.
Amino Technologies plc (LON: AMO) is listed on the London Stock Exchange’s Alternative Investment Market (AIM: symbol AMO). Headquartered in Cambridge, UK, the company has over 300 staff located in offices in New York, Los Angeles, San Francisco, Amsterdam, Helsinki, Madrid, Porto, Brno and Hong Kong.
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7 May, 3:28 pm GMT+1 · Disclaimer
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