Earlier this month, after Catapult still hadn’t raised the equity, Third Eye informed the company it was pulling out, along with the rest of its lending syndicate, a source familiar with the matter said. The source said the lenders grew impatient tying up capital as the deal dragged on and as other investment opportunities came to the market.
BlackBerry has been entitled to walk away from the unfinished deal with Catapult since May, and either party can terminate if it doesn’t close by today. A BlackBerry spokesman and Third Eye CEO Arif Bhalwani declined to comment. A message to Catapult was not returned. BlackBerry, like other former technology heavyweights, had made a business in recent years of extracting monies from other companies for use of its technology either by suing them for patent infringement or reaching licensing agreements. Licensing revenue was US$63-million in the fiscal year ended Feb. 28, sharply down from the US$272-million, US$328-million and US$286-million it generated in its 2021, 2020 and 2019 fiscal years, respectively.
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