Indie Semiconductor (INDI) shares were down over 4% in recent Tuesday trading after it disclosed entering a non-binding agreement with China-based United Faith Auto-Engineering to sell its holdings in Wuxi indie Microelectronics Technology.
indie holds 34.38% of equity interest in China-based Wuxi indie Microelectronics Technology via its subsidiary Ay Dee Kay, according to a regulatory filing.
Financial details of the transaction weren't disclosed.
The potential deal completion is subject to due diligence and regulatory approvals, the company said.
United Faith disclosed in a May 19 filing it executed non-binding agreements with Wuxi stockholders to acquire all outstanding shares of Wuxi.
Price: 2.50, Change: -0.14, Percent Change: -5.30
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