- Aurora Solar Technologies Inc. (ACU) plans to acquire BT Imaging Pty Ltd. for $16.2 million
- Aurora Solar develops and delivers process control and yield management solutions for solar cell manufacturers
- BT is a private Australian company that develops photoluminescence imaging tools
- Aurora’s offer has been initially accepted by 63 per cent of all BT shareholders
- The share for share agreement with BT shareholders will not exceed 81 million common shares
- Aurora Solar Technologies Inc. (ACU) is unchanged trading at $0.09 per share as of 12:32 p.m. EST
Aurora Solar Technologies (ACU) has announced plans to acquire BT Imaging Pty Ltd. for $16.2 million.
Aurora Solar develops and delivers process control and yield management solutions for solar cell manufacturers.
BT is a private Australian company that develops photoluminescence imaging tools for photovoltaic (PV) material quality control, and for laboratory use during product development.
The acquisition will accelerate Aurora’s growth by combining complementary control tools with Aurora’s data science platform, Insight. This will allow the enhancement of Insight’s value with new features for better production process optimization and control.
Aurora has offered BTi a share for share transaction in the amount of $16.2 million based on a share price of $0.20.
Aurora’s offer has been initially accepted by 63 per cent of all BT shareholders. The purchase price of the offer is segmented into a fixed and a variable amount of $13.4 million and $2.8 million.
The total consideration to be issued to the BT shareholders will not exceed 81 million common shares. The offer includes a 16-month escrow period for the common shares issued to shareholders where the shares are released in equal tranches.
The transaction is expected to close by May 31 and has been structured for all shareholders to participate in the upside potential created through this combination.
When the transaction closes, Aurora expects to be in a stronger position to deliver on its milestones.
Aurora Solar Technologies Inc. (ACU) is unchanged trading at $0.09 per share as of 12:32 p.m. EST.
