In connection with Inseego Corp.´s (Nasdaq: INSG) proposed sale of Novatel Wireless, Inc., including its MiFi mobile broadband business, to Jade Ocean Global Limited, a subsidiary of T.C.L. Industries Holdings (H.K.) Limited (“TCL”), the parties voluntarily withdrew and re-filed the joint voluntary notice (“JVN”) that they had previously submitted to the Committee on Foreign Investment in the United States, the company said.
This action is intended to provide additional time for the parties and CFIUS to seek a definitive mitigation agreement that would enable CFIUS to approve the transaction.
While the parties and CFIUS have been working for more than three months to reach a negotiated agreement, a conclusion to the process has not yet been reached. Accordingly, with CFIUS´s consent, for the second time since the review process commenced, the parties have withdrawn and re-filed in order to initiate a new period of review.
In the event that the sale of Novatel Wireless to TCL is not permitted by the US government, the company would need to consider all other strategic alternatives available to it with respect to the MiFi mobile broadband business, including other divestiture opportunities.
Inseego is a global provider of software-as-a-service (SaaS) and solutions for the Internet of Things (IoT). The company sells its telematics solutions under the Ctrack brand, including its fleet management, asset tracking and monitoring, stolen vehicle recovery, and usage-based insurance platforms. The company is headquartered in San Diego, California.