InterestingGood Quarter! Although this information is now dated (Dec.31) and not a subsitiute for an update.
ACU/BTI deal.
Looking back this was a good deal and well structured.
https://aurorasolartech.com/aurora-solar-technologies-completes-bt-imaging-acquisition-and-concurrent-non-brokered-private-placement/
On 25 August 2022, the Company acquired 100% of the outstanding shares of BTi through a share purchase agreement. In consideration for the acquisition of BTi, the Company paid $1,205,310 in cash and issued 62,969,351 common shares of the Company to BTi shareholders. These new common shares shall be subject to escrow conditions and released in three tranches on December 26, 2022, June 25, 2023 and December 25, 2023 in the amount of 20,032,003, 21,468,674, and 21,468,674 common shares, respectively. All other material transaction terms remain unchanged.
BTI took the majority of the payment in shares (62M) at 0.20 cents. ($12.5M) .
And only 1.2M in cash ( roughly 10%).They must believe in the outlook...
Also the cash portion was not given at random...
https://aurorasolartech.com/aurora-solar-technologies-provides-update-on-bt-imaging-acquisition/
The cash portion will be paid to employees and consultants who are current shareholders of BT Imaging and will remain with the company after the closing of the Acquisition. However, the December 26 2022 distribution is not showing on Sedar yet. but MD&A states:
The first tranche of new common shares was released from escrow on 26 December 2022. As for Insight...MD&A states...
Aurora has been focused on Insight product development and BTi has been focused on short-term product enhancements. Aurora’s application engineering team located in Shanghai has continued to support the Research and Development team with onsite data collection, product testing and product utility criteria and is in the process of being rolled up into BTi’s operations..
This is interesting and confirms until the ACU states otherwise that the timeline for Insight was overly ambitous. Also page 2 of the MD&A is excellent in giving nuance of the different products.
https://ceo.ca/acu?b737df7d746a