Sharp says to get 2nd half of Qualcomm's $120 mln investment by June
TOKYO, March 22
TOKYO, March 22 (Reuters) - Japan's Sharp Corp said on Friday it will receive the second half of an agreed $120 million investment from Qualcomm Inc by June 28, which will make the U.S. chipmaker its biggest shareholder.
An initial deadline for the investment by the end of March was extended because Sharp had not met conditions for the remainder that included completing the specifications for the smartphone and tablet PC screens and preparations for their production.
The two companies said in December that Qualcomm, through its Pixtronix subsidiary, would work with Sharp to develop new power-saving screens based on Sharp's IGZO technology.
The second payment was also conditional on Sharp returning to an operating profit in the six months to March 31, and having at least 100 billion yen ($1.1 billion) of net assets.