Ortel LLC acquired Non-Strategic Product Lines in U.S. and EMCORE Hong Kong, Limited from EMCORE Corporation.
October 12, 2023
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Ortel LLC acquired Non-Strategic Product Lines in U.S. and EMCORE Hong Kong, Limited from EMCORE Corporation (NasdaqGM:EMKR) on October 11, 2023. EMCORE Corporation have transferred assets in U.S. and EMCORE Hong Kong, Limited will be transferred within 45 days. Ortel has, or will have prior to the Closing, sufficient unrestricted cash on hand, available lines of credit or other sources of immediately available funds to enable it to pay, in cash, the amounts payable pursuant to this Agreement or otherwise necessary to consummate all the transactions contemplated hereby. Pillsbury Winthrop Shaw Pittman LLP acted as the legal advisor to EMCORE and Fox Rothschild LLP acted as the legal advisor to Ortel.
Ortel LLC completed the acquisition of Non-Strategic Product Lines in U.S. and EMCORE Hong Kong, Limited from EMCORE Corporation (NasdaqGM:EMKR) on October 11, 2023.
EMCORE Corporation is a provider of inertial navigation products for the aerospace and defense markets. The Company leverages Photonic Integrated Chip (PIC), Quartz MEMS, and Lithium Niobate chip-level technology to deliver component and system-level products across its end-market applications. Its operations include device design and production, fiber optic module and subsystem design and manufacture, and PIC-based and QMEMS-based component design and manufacture. The Company operates through the Inertial Navigation segment, whose product technology categories include FOG, QMEMS, and RLG, in each case, which serves the aerospace and defense market. Its FOG products range from tactical to navigation grade gyros, inertial measurement units (IMU) and inertial navigation systems (INS). Its QMEMS gyroscopes, accelerometers, IMUs, and INS products deliver size, weight, and power (SWaP) performance and cost advantages over alternative technologies.