An unknown buyer entered into a definitive agreement to acquire Substantially All Assets of Odyssey Semiconductor Technologies, Inc. (OTCPK : ODII),Odyssey Semiconductor, Inc. and JR2J, LLC for $9.52 million.

An unknown buyer entered into a definitive agreement to acquire Substantially All Assets of Odyssey Semiconductor Technologies, Inc. (OTCPK : ODII),Odyssey Semiconductor, Inc. and JR2J, LLC for $9.52 million on March 12, 2024. The asset purchase agreement includes a 20-day ?go shop? period expiring on April 1, 2024, which permits the Odyssey Board and its advisors to initiate and solicit alternative acquisition proposals from third parties.

The Buyer may also terminate the agreement without cause at any time prior to the closing date, provided that the Odyssey Semiconductor, Inc. and JR2J, LLC may be paid for a termination fee of $1.5 million. Upon completion of the transaction and subject to shareholder approval, Odyssey?s common stock will most likely cease to be listed on any and all public stock exchanges as soon as is practicable. The Company currently plans to wind down operations and hopes to pay out a liquidating dividend to the extent funds are available at that point.

The asset sale was approved by the Odyssey Board of Directors and is subject to customary closing conditions, including approval by Odyssey shareholders. The transaction is expected to close on or around July 1, but no later than July 10, 2024. Craig-Hallum Capital Group LLC acted as financial advisor to Odyssey with the Go Shop.

Robinson Cole LLP is serving as legal counsel to Odyssey.