Sivers Photonics to become public through byNordic Acquisition merger

Sivers Semiconductors announced that the company has entered into a non-binding letter of intent, or LOI, to merge its Sivers Photonics with byNordic Acquisition. The proposed transaction would create a standalone, publicly traded photonics company that will be funded by cash reserves upon completion of the de-SPAC process. This transaction is expected to create an independent U.S.-listed entity. Sivers Photonics currently has approximately 80% of its net revenue in the U.S. Under the terms of the non-binding LOI, byNordic and Sivers intend to enter into a definitive agreement for the acquisition of Sivers Photonics. The completion of the business combination is subject to the completion of due diligence, the negotiation and execution of definitive documentation and satisfaction of the conditions contained therein. The terms of the proposed transaction provide that Sivers Photonics would be spun out and merged with byNordic, with the former equity holders of both Sivers Photonics and byNordic holding equity in the combined publicly listed company, with Sivers holding majority ownership in the combined publicly listed company. Once the merger is finalized, the company plans to establish headquarters in Silicon Valley, California with the manufacturing operations remaining in the U.K. Sivers management will update this announcement when further clarity on these issues is achieved. In the interim, Sivers management will provide no further comment beyond what is described in the press release, given the sensitivity of the negotiations.