Brief: Glimpse Group Merges Brightline Interactive Into Newly Formed Unit Company

Brightline Interactive

26/05/2022 14:29

May 26 (Reuters) - Glimpse Group Inc  VRAR.O :
    * THE GLIMPSE GROUP MERGES BRIGHTLINE INTERACTIVE, A LEADING
IMMERSIVE TECHNOLOGY COMPANY, INTO A NEWLY FORMED SUBSIDIARY
COMPANY
    * GLIMPSE GROUP INC- TOTAL POTENTIAL PURCHASE PRICE OF $32.5
MILLION, WITH AN INITIAL PAYMENT OF $8 MILLION
    * GLIMPSE GROUP - OF TOTAL POTENTIAL PURCHASE PRICE, UP TO
$15
MILLION (OR ABOUT 45%) IS IN CASH AND $17.5 MILLION (OR ABOUT
55%) IS IN GLIMPSE COMMON SHARES
    * GLIMPSE GROUP - TRANSACTION IS EXPECTED TO BE IMMEDIATELY
ACCRETIVE TO GLIMPSE
    * GLIMPSE GROUP -POST DEAL, GLIMPSE EXPECTED TO HAVE ABOUT
$16
MILLION CASH ON ITS BALANCE SHEET, WITH NO MATERIAL LIABILITIES,
PREFERRED EQUITY OR DEBT
    * GLIMPSE GROUP - EXPECTED SYNERGIES FROM THE DEAL INCLUDE
INCREASE GLIMPSE’S ANNUAL REVENUE BY APPROXIMATELY 33%

Source text for Eikon: [https://bit.ly/39YWZgU]
Further company coverage:  VRAR.O 

 ((Reuters.Briefs@thomsonreuters.com;))