Novatel Wireless, Inc. (Nasdaq:MIFI) plans to reorganize its business by creating a new holding company structure in connection with an agreement to sell the company´s mobile broadband MiFiÂ® business to T.C.L. Industries Holdings (H.K.) Limited (“TCL”), the company said.
The new holding company will be Inseego Corp., a Delaware corporation. The directors, executive officers, and business operations of the company and its subsidiaries will not change.
Inseego will replace Novatel Wireless, Inc. as the publicly held corporation, effective November 9, 2016.
The shares of Inseego Corp. will trade on the NASDAQ Global Select Market under the ticker symbol “INSG” at the beginning of trading on November 9, 2016.
As a result of this event, the stockholders of Novatel Wireless, Inc. will become stockholders of the new holding company, Inseego Corp., on a one-for-one basis, automatically holding the same number of shares and same ownership percentage in Inseego Corp. as they held in Novatel Wireless, Inc. immediately prior to implementation.
Inseego Corp. (currently Nasdaq: MIFI and Nasdaq: INSG on November 9, 2016) is a leading global provider of software-as-a-service (SaaS) and solutions for the Internet of Things (IoT). The company is headquartered in San Diego, California.