- Nuheara (NUH) announces a strategic partnership and cornerstone investment from Taiwan-based Realtek Semiconductor Corporation via a memorandum of understanding (MoU)
- The MoU will see the companies jointly develop chipset (ICs) and technology solutions to globally penetrate multiple hearing-related markets
- Underpinning the partnership is a placement of approximately 17.1 million shares at 12 cents for a total of $2.05 million, with Realtek subscribing for $1.7 million and a further $350,000 allocated to sophisticated investors
- Funds will be used for product research and development, medical device and hearing aid market and regulatory development, and working capital
- Shares in Nuheara are up 29.2 per cent, trading at 15.5 cents as of 12:16 pm AEST
Nuheara (NUH) has announced a strategic partnership and cornerstone investment from Taiwan-based Realtek Semiconductor Corporation via a memorandum of understanding (MoU).
The MoU will see the companies jointly develop chipset (ICs) and technology solutions to globally penetrate multiple hearing-related markets.
Underpinning the partnership is a placement of approximately 17.1 million shares at 12 cents for a total of $2.05 million, with Realtek subscribing for $1.7 million and a further $350,000 allocated to sophisticated investors.
Funds will be used for product research and development, medical device and hearing aid market and regulatory development, and working capital.
The company is currently in discussion with Realtek regarding future opportunities.
The partnership will initially help Nuheara to deliver its next generation of hearing aid products by integrating Realtek’s advanced chipset and will expand to co-developing True Wireless Stereo with Personal Sound Amplification Product chipset and technology solutions for the broader consumer electronics market.
Commenting on the strategic partnership, Nuheara Managing Director Justin Miller said the companies have been “intensely engaged” with each other since early 2022.
“As the Nuheara brand focuses on its next generation of hearing aids to a regulated market, the partnership should still enable us to participate in the broader consumer electronics market by embedding elements of our hearing technology in Realtek’s ICs.”
Components of Nuheara’s intellectual property including smart hearing processing and self-fit technology are planned to be embedded on Realtek ICs, for which Nuheara will receive a to-be-agreed royalty fee for each IC sold.
Nuheara will also offer Realtek customers full earbud design and manufactured solutions for an agreed services fee per implementation.
Settlement of the shares is expected to occur on July 6 and will rank equally with existing shares.
Shares in Nuheara were up 29.2 per cent, trading at 15.5 cents as of 12:16 pm AEST.