FINWIRES · TerminalLIVE
FINWIRES

Nanoveu to Acquire Singapore-Based Proprietary Drone Technology Firm; Shares Jump 11%

By

Nanoveu (ASX:NVU) entered into a binding sale and purchase agreement to acquire Spinoff Robotics, a spinout from the Singapore University of Technology and Design, for 3 million fully paid Nanoveu shares and 4 million performance rights, which will convert into Nanoveu shares on meeting certain conditions, according to a Friday Australian bourse filing.

The acquisition is subject to due diligence and the receipt of any required regulatory and other approvals. Settlement is slated for completion by Aug. 31.

The firm said the transaction will give it access to in-house-developed proprietary drone products as well as the ALICE tethered drone and the METRON sub-millimeter photogrammetry technologies. It plans to prioritize high-value defense and critical-infrastructure applications, integrating EMASS' ECS-DoT edge-AI silicon with Spinoff's drone technology to deliver fully-owned drone platforms.

Its shares jumped 11% in recent trading on Friday.

Related Articles

Asia

Hon Hai's Profit Rises 19% in Q1 on Strong AI Demand

Hon Hai Precision Industry (TPE:2317), also known as Foxconn, reported a 19% annual growth in net profit for the first quarter to NT$49.9 billion, supported by strong demand for artificial intelligence products, according to a Thursday press release.Shares gained over 2% in Friday's late morning trade.Earnings per share rose to NT$3.56 from NT$3.03 a year earlier.The Taiwanese electronics manufacturer's operating profit surged 63% year-on-year to NT$75.6 billion, while revenue climbed 29% to a record NT$2.12 trillion.Gross profit margin improved to 6.18% from 6.11% a year ago, while operating profit margin rose to 3.57% from 2.83%.Foxconn said its cloud and networking business, driven by AI server demand, now contributes nearly half of total revenue, helping reduce the seasonal impact typically seen in the ICT sector.The company expects strong AI demand to continue lifting second-quarter performance, forecasting significant quarter-on-quarter growth and strong year-on-year expansion despite the industry's traditional slow season.Foxconn maintained its full-year outlook for strong growth and said capital expenditure is expected to rise more than 30% this year as it expands manufacturing capacity, automation and AI-related investments.

$TPE:2317
Asia

Metaspacex's Controlling Shareholder Share Sale Deal Terminated; Shares Up 12%

Metaspacex (HKG:1796) said a proposed sale of a controlling stake by China Sports Asset Management to Shenzhen Haoyi Investment was terminated after certain conditions were unlikely to be fulfilled before the June 30 long-stop date, according to a Thursday Hong Kong bourse filing.Shares of the fitting-out services firm were up over 12% in late morning trade on Friday.China Sports had agreed to sell 255.9 million shares to Shenzhen Haoyi for HK$64 million under an agreement signed April 14.The proposed sale followed the disposal of 102.3 million Metaspacex shares held by China Sports by lender Tse's Finance between April 2 and April 9 under a lending arrangement.Metaspacex said completion required China Sports to repay liabilities owed to Tse's Finance and release the charges over the sale shares.The company said Shenzhen Haoyi informed China Sports that the condition was unlikely to be fulfilled and would not be waived, leading both parties to terminate the agreement.

$HKG:1796
Asia

Youngone Holdings to Retire KRW111.81 Billion in Treasury Shares

Youngone Holdings (KRX:009970) announced on Friday that it will retire 545,420 treasury shares, valued at 111.81 billion won.The shares will be retired on May 20 at a par value of 500 won apiece, according to a Friday filing from the apparel manufacturer on the Korea Exchange.

$KRX:009970