Novatel Wireless, Inc. (Nasdaq:MIFI), a leading global provider of solutions for the Internet of Things (IoT), including software-as-a-service (SaaS), today announced that it plans to reorganize its business by creating a new holding company structure in connection with an agreement to sell the Company’s mobile broadband MiFi® business to T.C.L. Industries Holdings (H.K.) Limited (“TCL”). The new holding company will be Inseego Corp., a Delaware corporation. The directors, executive officers, and business operations of the Company and its subsidiaries will not change.
Inseego Corp. will replace Novatel Wireless, Inc. as the publicly held corporation, effective November 9, 2016. The shares of Inseego Corp. will trade on the NASDAQ Global Select Market under the ticker symbol “INSG” at the beginning of trading on November 9, 2016.
As a result of this event, the stockholders of Novatel Wireless, Inc. will become stockholders of the new holding company, Inseego Corp., on a one-for-one basis, automatically holding the same number of shares and same ownership percentage in Inseego Corp. as they held in Novatel Wireless, Inc. immediately prior to implementation.
“Our business achievements and consistently improving financial performance over the last twelve months have driven us to the threshold of completing our corporate transformation into a pure-play IoT services company,” said Sue Swenson, future Chair and Chief Executive Officer of Inseego Corp. “This holding company structure will allow us to support, nurture and augment our combined companies as we continue to focus on growing and improving our IoT, SaaS and services business.”
For more information on the new holding company, visit http://www.inseego.com/ and read the Company’s Form 8-K, which will be filed on or about November 9, 2016 with the Securities Exchange Commission.