May. 16 at 1:03 PM
$BRQSF
Yimmet Good question — the numbers are reconcilable when you separate buyer vs seller accounting and timing.
Sasken’s ~
$27M (Rs.25.6cr) investment figure in their report is what they’ve actually deployed so far (upfront + adjustments + any partials). Borqs’ 2025 financials show a
$21.2M gain on disposal +
$21.2M received by year-end, with the earnout still being finalized (per their subsequent events note).
The SPA caps total consideration at
$40M inclusive of earnouts tied to 2025 performance. With ~
$21M.X+ already reflected on Borqs’ side, the remaining potential sits around
$15-19M if targets are fully met — which is what Pbogo highlighted.
$10M max is a fair conservative take if performance was mixed or negotiations haircut it, but the structure allows for more. Still waiting on final settlement. Either way, any material additional cash to Borqs is a nice tailwind for the shell. Curious what your read is on the 2025 metrics that drive it.
Bullish on the structure either way