SEALSQ Shares Rise On News Of IC'ALPS Acquisition Deal: What's Going On?

SEALSQ Corp LAES shares are trading higher Thursday after the company announced it entered exclusive negotiations to acquire 100% of French ASIC design firm IC’ALPS for €12.5 million.

What To Know: The move, intended to strengthen SEALSQ's semiconductor and post-quantum hardware portfolio, also lifted shares of its affiliate WISeKey.

The Geneva-based company confirmed it signed a Letter of Intent with IC’ALPS and its shareholders to move forward with the transaction, which remains subject to the signing of a Share Purchase Agreement and approval by the French Ministry of the Economy. Under the agreement, SEALSQ would pay €10 million in cash and €2.5 million in SEALSQ ordinary shares based on a 90-day volume-weighted average price. The deal also includes a potential €4 million earn-out in shares, contingent on IC’ALPS surpassing €11 million in revenue by the end of 2025.

The acquisition would add about 100 employees across IC’ALPS locations in Grenoble and Toulouse. SEALSQ noted that IC’ALPS had unaudited 2024 revenue of €9.76 million but posted a net loss of €2.02 million under French GAAP. Adjusted figures excluding internal sales to SEALSQ widen the 2024 loss to over €2.6 million. The company warned that a transition to US GAAP could result in further material changes.

While IC’ALPS posted a small profit in 2023, revised figures excluding SEALSQ-related revenue point to a loss of approximately €850,000. Despite these losses, SEALSQ appears focused on the long-term strategic value of the acquisition, particularly as demand for ASIC design expertise increases.

LAES Price Action: Sealsq Corp shares were up 8.70%at $3.75 at the time of writing, according to Benzinga Pro.

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