-- Anteris Technologies (ASX:AVR) said it has notified v2vmedtech of its election to discontinue additional development contributions under a contribution and stock purchase agreement dated April 18, 2023, triggering a break fee of $400,000 payable to v2v, according to a Thursday Australian bourse filing.
The company said following the notice, it has no further obligation to make additional development contributions, while the initial shareholders of v2v have the right to either acquire all of the company's equity interest in v2v for an amount equal to its aggregate contributions to date, or reduce the company's equity interest to a capped minority ownership percentage.
v2v has not informed the company as to which option it plans to pursue, the filing added.
The development agreement between the parties will terminate upon payment of the $400,000 break fee, with the company not expecting the discontinuation to have a materially adverse effect on its financial position or liquidity, the company added.
The company's shares rose 3% in recent Thursday trade.