BlackBerry Looks For Alternative Buyers For Legacy Patents After Catapult Fails To Secure Funds

It appears that a significant monetization event for BlackBerry Limited (TSX: BB) may not be proceeding after all. The firm this morning indicated that it has exited an exclusivity period previously entered into with Catapult IP Innovations related to the sale of a portfolio of patents.

The sale, initially announced in late January, was set to see the Delaware-based SPAC Catapult IP acquire all of the non-core patents owned by BlackBerry in a transaction valued at $600 million. Previously referred to as legacy patents, the IP is said to relate to mobile devices, messaging, and wireless networking.

While at the time of announcement it was said that the closing of the arrangement could take up to 210 days due to regulatory approvals required, however the bigger issue appears to be sufficient financing. Catapult is allegedly still looking to secure the required funds to complete the transaction.

As a result of the delay in securing financing, Catapult is allegedly continuing to work to secure the funds needed to close on the assets, however an exclusivity period related to the sale has now expired. As a result, BlackBerry is now looking at alternative options to dispose of the IP, which is said to be conducted “in parallel.”

BlackBerry last traded at $7.62 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Why the Government Actually WANTS Gold Prices to Explode Higher | Tavi Costa

$30,000 GOLD: How Trump’s Policies Could Trigger The Next Price Explosion | Simon Marcotte

Endeavour Mining Q1 Earnings: Cash Flow Is King

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Canaccord Reiterates $10 Price Target On Blackberry Following Results

On September 22, BlackBerry Limited (TSX: BB) reported their second quarter financial results for the...

Friday, September 24, 2021, 10:52:00 AM

Blackberry Settles Securities Lawsuit For US$165 Million But Still Claims Case “Without Merit”

BlackBerry Limited (TSX: BB) announced today that it has reached a settlement agreement with the...

Thursday, April 7, 2022, 02:59:00 PM

Blackberry Ends Fiscal Q2 2022 With US$175 Million In Revenue, US$144 Million Net Loss

BlackBerry Limited (TSX: BB) released on Wednesday its financial statements for fiscal Q2 2022 ending...

Thursday, September 23, 2021, 10:47:00 AM

Market Manipulation: How It Works.

“Market manipulation?” You want market manipulation? I’ll give you market manipulation. There are two main...

Friday, January 29, 2021, 10:29:00 AM

RBC Downgrades Blackberry Stock Following Reddit-Inspired Frenzy

Following what has been a historic speculative frenzy driven by retail investors posting on a...

Tuesday, January 26, 2021, 02:34:00 PM