Lionix International last week won a legal battle against its South Korean majority shareholder, Magic Micro, enabling it to secure a 1.5-million-euro emergency cash injection. The funding provided by another shareholder, development agency Oost NL, will keep the Twente-based company afloat as it awaits a second court decision.
Specializing in one of three major ‘flavors’ in integrated photonics, ie silicon nitride, Lionix is considered a staple in the Dutch Photondelta ecosystem. The company has received investments from the National Growth Fund and public investment agency Invest-NL, but, as revealed by Het Financieele Dagblad (FD), it has been struggling financially. Without additional funding, Lionix risks going bankrupt.
After Magic Micro and Dutch minority shareholders that include Invest-NL, Forward.one, the University of Twente and Photondelta couldn’t agree on how to attract the much-needed funding, Lionix and Oost NL last week successfully petitioned the court to force Magic to accept the 1.5-million-euro loan in emergency funding. The court’s decision brings “continuity”, management told FD. The Twente-based firm wasn’t immediately available to speak to Bits&Chips.
This article is exclusively available to premium members of Bits&Chips. Already a premium member? Please log in. Not yet a premium member? Become one for only €20 and enjoy all the benefits.
