RE:RE:RE:RE:RE:Keeping an eye on WilanBuyNmonitor, here is the pertinent info from the news release (https://ir.quarterhill.com/news/news-details/2023/Quarterhill-Announces-the-Sale-of-Wi-LAN-Inc/default.aspx): TORONTO, June 15, 2023 /PRNewswire/ - Quarterhill Inc. (TSX: QTRH) ("Quarterhill" or the "Company") announced that today it has completed the sale of all of the shares of Wi-LAN Inc. ("WiLAN") to an arm's length purchaser for gross proceeds of up to approximately $71.4 million subject to certain adjustments, including working capital adjustments. As part of the consideration, after this transaction Quarterhill will own 10% of WiLAN and Owlpoint IP Opportunities JVF LP, a joint venture between Arena Investors, LP ("Arena Investors") and Owlpoint Capital Management, LLC ("Owlpoint"), will, directly or indirectly, own the other 90%. No current or prior Quarterhill insiders are investors in WiLAN. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
In addition to the 10% ownership stake in WiLAN, the consideration for this transaction will consist of approximately $48.0 million in cash, approximately $8.0 million as an earn out and approximately $15.4 million pursuant to an unsecured promissory note, which earn out and note are payable on WiLAN achieving certain revenue milestones. Quarterhill's 10% ownership stake can be repurchased by WiLAN for between approximately $13.0 million and $16.0 million subject to WiLAN meeting certain revenue milestones. Quarterhill will be entitled to receive its pro rata portion of any dividend distributions made by WiLAN.