KOPIN receives $15 million strategic investment from Theon International

Kopin Corporation (NASDAQ: KOPN) announced a $15 million strategic investment agreement with Theon International Plc (Euronext Amsterdam: THEON), according to a press release statement.

The investment structure includes $8 million directed to Kopin's subsidiary in Dalgety Bay, Scotland, in exchange for which Theon will receive a 49% equity interest in Kopin Europe. The remaining $7 million will be used to purchase preferred shares from Kopin convertible into common stock at a fixed conversion price of $3.00 per share.

Kopin can force conversion to common stock once its shares trade at $4.50 or higher for 10 trading days within a 30 consecutive trading day period. The preferred shares carry an annual dividend of 4% payable in cash and stock.

The companies will enter into licensing and development agreements upon closing, with joint development and production activities planned at Kopin's subsidiary in Reston, Virginia. The investment targets co-developed products for Europe, Southeast Asia, and NATO countries.

The transaction is subject to standard closing conditions including regulatory approval and is expected to close in Kopin's fiscal third quarter.

Kopin develops microdisplays and optical systems for defense, training, enterprise, industrial, consumer and medical products. Theon International manufactures thermal imaging and night vision systems for defense applications and operates in 71 countries, including 26 NATO countries.

Stifel is acting as exclusive financial advisor and placement agent to Kopin for the transaction.

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