Livewire Mobile announced that it has entered into a definitive agreement for substantially all its business assets and certain liabilities to be acquired by OnMobile Global Limited. Under the terms of the agreement, Livewire Mobile will receive $17.8M for its existing business assets subject to certain escrow and performance contingencies. It is the company's expectation that the holders of senior secured convertible notes will convert a majority of their notes and vote the converted shares in favor of this transaction, which could amount to approximately 80% of the then fully-diluted outstanding shares. The transaction is targeted to close on June 30 upon satisfaction of various customary closing conditions.
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