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Sigma Additive Solutions sells QA suite to Divergent

The deal is concurrent to the acquisition of NextTrip Holdings

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Sigma Additive Solutions, Inc. (NASDAQ:SASI), a provider of quality assurance software to the commercial additive manufacturing industry, is selling its in-process quality assurance technology suite of assets to Divergent Technologies, Inc., inventor of the Divergent Adaptive Production System (DAPS) and parent company of the performance automotive company CZV, Inc. (Czinger Vehicles) assets. The deal was concurrent with Sigma acquiring NextTrip Holdings, Inc., a travel technology company based in Sunrise, Florida and de facto exiting the AM market.

Sigma has had a somewhat troubled history. Since going public and losing most of its stock value, the company has to implement a 20 to 1 reverse stock split in September 2023 of its outstanding common stock to seek to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq Listing Rule by the October 8, 2023 deadline for doing so. Regaining compliance was also expected to facilitate the transactions contemplated by Sigma’s recently announced non-binding letters of intent to acquire NextTrip Holdings, Inc. and sell certain quality assurance software assets.

The number of shares of common stock that Sigma Additive Solutions is authorized to issue correspondingly decreased from 24,000,000 shares at present to 1,200,000 shares. The good news is that since the split and since the transactions were announced, the value of the stock has increased significantly (but is still well below the initial trading price).

The reverse stock split reduced the number of shares of common stock issued and outstanding from approximately 12,227,135 shares to approximately 611,357 shares, plus any shares to be issued in exchange for fractional interests. All options, warrants, shares issuable upon conversion of the Company’s preferred stock and stock awards of the Company outstanding immediately prior to the reverse stock were adjusted in accordance with their terms.

The Asset Purchase Agreement with Divergent set forth the terms under which Sigma agreed to sell to Divergent, and Divergent has agreed to purchase from Sigma, certain assets consisting primarily of patents, software code and other intellectual property.

Sigma Additive Solutions sells QA suite to Divergent in a deal that is concurrent to the acquisition of NextTrip Holdings

In announcing the signing of a definitive agreement with Divergent, Jacob Brunsberg, President and Chief Executive Officer of Sigma commented: “Sigma has found a fitting home for our in-process quality assurance technology, and we are extremely excited to see Divergent build on our foundational work in connection with its DAPS platform. This is a significant step forward for digital manufacturing quality.” The closing under the Asset Purchase Agreement is expected to occur after the closing of Sigma’s acquisition of NextTrip.

Lukas Czinger, COO and Co-Founder of Divergent and Czinger Vehicles said: “This strategic acquisition is of great significance as Divergent deploys DAPS structures across the automotive, aerospace, and defense industries. Sigma’s foundational IP centered on in-process monitoring will be integrated into and expanded on within the Divergent portfolio. The core software will be seamlessly applied to our additive manufacturing module and will further enhance Divergent’s industry-leading additive manufacturing quality management system. Ultimately, this acquisition further supports our confidence in supplying structures for safety-critical and mission-critical applications.”

 

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Davide Sher

Since 2002, Davide has built up extensive experience as a technology journalist, market analyst and consultant for the additive manufacturing industry. Born in Milan, Italy, he spent 12 years in the United States, where he completed his studies at SUNY USB. As a journalist covering the tech and videogame industry for over 10 years, he began covering the AM industry in 2013, first as an international journalist and subsequently as a market analyst, focusing on the additive manufacturing industry and relative vertical markets. In 2016 he co-founded London-based VoxelMatters. Today the company publishes the leading news and insights websites VoxelMatters.com and Replicatore.it, as well as VoxelMatters Directory, the largest global directory of companies in the additive manufacturing industry.

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