BlackBerry Ltd announced on Wednesday that it was looking into other possibilities for selling its patents after the proposed agreement with Catapult IP Innovations Inc took longer than expected to finalize, resulting in a loss of exclusivity.
The Canadian firm agreed to sell its patents to the special purpose vehicle for $600 million earlier this year, notably in the areas of mobile devices, messaging, and wireless networking.
BlackBerry’s core businesses are cybersecurity and software used by automakers, and its core business was expected to close in the first quarter of fiscal 2023.
Catapult is working to secure its required financing, BlackBerry said, adding that it “looks forward” to the completion of the transaction.
Blackberry is scheduled to host its annual shareholders’ meeting on June 22.
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