Westborough-based wearable technology maker Kopin Corporation announced it will sell roughly 10 percent of its total outstanding shares of common stock to a Chinese company, and together the two companies will jointly develop and commercialize several wearable products.
Under the stock sale agreement announced Tuesday, Kopin will sell 7,339,000 shares worth $23,851,750, or $3.25 per share, to Goertek, a Chinese technology company that provides vertically integrated solutions and services to companies such as Samsung, Sony, Microsoft, and Huawei. The companies will also work together on development and commercialization of wearable technologies, with the goal of utilizing Goertek’s design and manufacturing expertise to make and sell products using Kopin technologies.
Specifically, the companies will incorporate Kopin’s Whisper Voice Chip and Lightning display into Goertek product designs, and develop system products for consumer mobile augmented and virtual reality markets, said Dr. John C.C. Fan, president and CEO of Kopin, in a press release.
The sale is scheduled to be completed by Jan. 27 and is subject to standard closing conditions.
