- STEMify (SF1) has agreed to sell its 3D printing hardware and its MyStemKits curriculum business to Boxlight
- Boxlight is a global learning technology company who will pay US$600,000 to expand its STEM solutions for students from Kindy to Year 12
- STEMify is confident in its products however doesn’t consider now to be the right time for it to market and capitalise on them
- Due to Boxlight’s purchase, the company will walk away with more than what its assets are worth and will seek further opportunities in future
- Following today’s news, STEMify’s shares have dropped significantly by 26.9 per cent and is trading at 1.9 cents each
STEMify (SF1) has entered into a purchase agreement with Boxlight Corporation to dispose of its 3D printing hardware and the MyStemKits K-12 curriculum business.
Boxlight (BOXL) will purchase STEMify’s hardware and curriculum business for US$600,000 (approx A$888,480).
This payment will include an initial US$250,000 (approx A$370,242) cash payment, followed by US$350,000 (approx A$518,339) to be paid in four quarterly cash payments from April 28 2020. An interest of seven per cent per annum applies.
STEMify is confident in its products however doesn’t consider now to be the right time to market and capitalise on it.
However, BOXL’s payment represents a significant premium to the value of the company’s assets so, disposing of them provide STEMify with the chance to seek other suitable assets which may be more lucrative.
BOXL provides technology solutions for the global learning market. It is listed on the NASDAQ and generated revenue of US$39.7 million (approx A$58.7 million) for the 12 months ended on September 30 2019.
It provides learning for classes of various sizes, assessments and STEM-based learning solutions to the Kindy – Year 12 education market.
STEM learning refers to science, technology, engineering and mathematics.
“The acquisition of STEMify’s 3D printing hardware and MyStemKits K-12 curriculum business supports our strategic expansion of solutions for K-12 classrooms, and our specific focus on STEM education,” BOXL CEO Harold Bevis said.
3D printing is a highly applicable technology for the students of today. This gives BOXL the unique and strategic opportunity to leverage this by offering a comprehensive suite of STEM solutions.
These offerings will be added to BOXL’s Labdisc portable STEM lab, Mimio Mybot robotics and coding solution, and STEM specific training and professional development offerings.
Following today’s news, STEMify’s shares have dropped significantly by 26.9 per cent and is trading at 1.9 cents each at 1:09 pm AEST.