- Kopin gains significant access to the European and NATO defense market
- Accelerates development of critical technologies
- Further strengthens Kopin’s balance sheet
- Fixed conversion price of $3.00 per share on $7 million convertible preferred stock issuance
WESTBOROUGH, Mass. – Kopin Corporation (NASDAQ: KOPN) a leading provider of application-specific optical systems and high-performance microdisplays for defense, training, enterprise, industrial, consumer and medical products, announces a $15.0 million strategic investment agreement by Theon International Plc (Euronext Amsterdam: THEON), a globally recognized developer and manufacturer of advanced thermal imaging and night vision systems for global defense and thermal imaging markets.
Upon closing the parties will enter into a licensing and development agreement and funding agreements. Theon will invest $8.0 million into Kopin’s subsidiary in Dalgety Bay, Scotland, supporting co-developed products for Europe, Southeast Asia, and NATO countries, enabling collaborative initiatives across key global regions. In exchange for the $8.0 million Theon will receive a 49% equity interest in Kopin Europe. The parties anticipate performing joint development and production activities at Kopin’s wholly owned subsidiary in Reston, Virginia USA.
In addition, Theon will purchase $7.0 million of preferred shares from Kopin convertible into common stock at a fixed conversion price of $3.00 per share. Kopin will have the ability to force the conversion to common stock, once Kopin’s stock trades at $4.50 or higher for a period of 10 trading days within a 30 consecutive trading day period as defined in the agreements. The preferred shares carry an annual dividend of 4% payable in cash and stock. The $15.0 million investment is subject to standard closing conditions including obtaining necessary regulatory approval and is expected to close in Kopin’s fiscal third quarter.
“We are glad to be partnering up with KOPIN to realize their strategy of supplying complete systems directly to end users using novel micro-displays,” said Christian Hadjiminas, THEON’s CEO. “THEON’s extended A.R.M.E.D. product line of Augmented Reality solutions for the dismounted solder will be a vehicle for co-developments between the two companies enabling and expanding resources on KOPIN’s facilities in Reston (VA) that becomes Theon USA ‘s new industrial location. KOPIN’s engineering, components, and market reach will increase THEON’s US market penetration, while THEON’s global footprint in the rest of the world, along with the European jointly owned company KOPIN Europe (Scotland, UK) will ensure KOPIN’s products as well as the new co-developed products by KOPIN and THEON will be globally promoted. A true U.S. and European alliance for the present and future in the digital man portable space.”
Michael Murray, Chairman and CEO of Kopin stated, “Theon’s investment reflects our confidence in the relationship and the value we see in working together. The investment is expected to accelerate revenue growth in new markets, scale existing operations and better leverage our manufacturing infrastructure. Partnering with a world class international organization like Theon – one that believes in our future and shares in our vision – comes at a pivotal time as global defense spending continues to rise and a transformative milestone in Kopin’s evolution.”
This strategic relationship is expected to elevate Kopin’s position as a global player in microdisplays and application specific optical solutions for defense applications, and drive innovation, expand market reach, and reinforce Kopin’s role in delivering mission-critical optical technologies to allied defense forces worldwide.
Advisors
Stifel is acting as exclusive financial advisor and placement agent to Kopin.





















































































































