Seeing Machines inks deal with Magna, receives cash injection
Seeing Machines Ltd. NPV (DI)
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12:30 24/12/24
Driver monitoring and transport safety technology company Seeing Machines announced an exclusive collaboration agreement with Magna International on Thursday.
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The AIM-traded firm said the partnership would pursue driver and occupant monitoring system business, targeting the vehicle's interior rear-view mirror.
At the same time, Magna was also providing “significant” additional investment in Seeing Machines through a convertible note.
Magna agreed to invest $65m into the company, through an exclusivity arrangement payment of $17.5m and up to $47.5m through the convertible note.
The note would mature in October 2026, and had a conversion rate of 11p per ordinary share.
“We are extremely pleased to see Magna's investment as we work closely together to win market share targeting the interior rear-view mirror and grow our mutual businesses,” said chief executive officer Paul McGlone.
“Seeing Machines is now funded to deliver on our current business plan and we look forward to focusing on achieving significant growth across each of our target transport sectors.”
At 1129 BST, shares in Seeing Machines were up 11.1% at 6.44p.
Reporting by Josh White at Sharecast.com.