Nuheara Limited (ASX: $NUH) has announced the initiation of a Strategic Review to evaluate its future strategic options and has secured commitments for $1.85 million in additional funding to support this process. The Board is considering M&A as the most appropriate strategy for the next phase of the company's evolution.
Following the successful launch of its FDA-approved OTC hearing aid, securing a substantial US retail footprint, and the imminent completion of its next generation product, Nuheara is positioned to evolve to its next phase. The Board believes that M&A will be necessary to achieve this evolution, given the current resources and capital. The company's unique R&D capability in the medical device, hearing, and consumer electronics industry is expected to realize value for shareholders via M&A. The business will be restructuring its investment levels, including limiting new production and marketing spend, with a focus on the completion of the new chip development with Realtek and the next generation of HP Hearing PRO product. The reduced investment will limit sales and revenue of the current generation product but will decrease the level of additional external capital expected to be required to complete the Strategic Review process.
Nuheara Limited (ASX: $NUH) has initiated a Strategic Review to evaluate its future strategic options and has secured commitments for $1.85 million in additional funding to support this process. The Board views M&A as necessary for the company's evolution, given its current resources and capital. The company's unique R&D capability is expected to realize value for shareholders via M&A. Nuheara has also secured commitments for $1.85 million in additional equity capital to support the completion of the Strategic Review. The reduced investment levels will limit sales and revenue of the current generation product but will decrease the level of additional external capital expected to be required to complete the Strategic Review process. Following the completion of the capital raise, the company intends to seek a return of its equity to trading on ASX, subject to satisfying all requirements of ASX. Nuheara's mission is to transform the way people hear by creating smart hearing solutions that are both accessible and affordable.