Inseego Corp. Enters into Asset Purchase Agreement with Nokia

Inseego Corp. has entered into an Asset Purchase Agreement with Nokia Solutions and Networks Oy to acquire Nokia's fixed wireless access business. The transaction involves Inseego acquiring substantially all assets of the FWA business for a purchase price including Inseego common stock, warrants, and assumption of certain liabilities. Nokia has agreed to restrictions on engaging in similar business for a period post-acquisition. Additionally, Nokia will reimburse Inseego for negative EBITDA in the first year and share in profits for the subsequent two years. The agreement includes customary representations, warranties, and covenants, with closing conditions and termination rights. In conjunction with the acquisition, Nokia will also invest $10 million in Inseego through a Subscription Agreement, resulting in Nokia holding approximately 11% ownership post-closing. The transaction is structured to rely on exemptions from registration under the Securities Act.