Ritdisplay Corp (錸寶), a supplier of active-matrix OLED panels, has signed a letter of intent with PlayNitride Inc (錼創科技) to develop next-generation micro-LED technology for wearable devices.
Ritdisplay’s board of directors on Tuesday approved the plan to swap 6.7 million new shares, or about 10 percent of its capital shares, with PlayNitride shares of equal worth.
Details about the swap ratio are to be disclosed after the companies sign formal share swap agreements, Ritdisplay said in a regulatory filing.
The transaction is expected to be completed by the end of this year, it added.
“The share swap and strategic alliance with PlayNitride will allow the company to tap into the new-generation micro-LED market,” Ritdisplay chief executive officer D.C. Wang (王鼎章) told a media briefing on Tuesday.
“Ritdisplay would be able to produce, develop and sell micro-LED panels, Wang said, adding that the partnership would accelerate the commercialization of micro-LED technology.
The company aims to produce 3-inch displays for wearable devices using the new technology, he said.
PlayNitride, established in 2014, is one of the world’s leading developers of micro-LED technology, Wang said.
PlayNitride plans to expand its manufacturing facilities in preparation for the mass production micro-LED displays, he said.
Ritdisplay has targeted several potential clients and plans to discuss using the micro-LED technology in their new products, Wang said.
Ritdisplay posted net profit of NT$28.67 million for last quarter, half of the previous quarter’s NT$56.95 million. That translated into earnings per share of NT$0.43.
Gross margin improved from 16.3 percent to 21.02 percent, while revenue declined 21.31 percent to NT$500.94 million from NT$636.61 million, as customers delayed new product launches due to uncertainty over the US-China trade dispute.
Ritdisplay shares yesterday tumbled 1.4 percent to NT$70.5, under-performing the TAIEX, which gained 0.39 percent.
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