Monday, April 24, 2017

Inseego Resets Effort To Gain Approval For MiFi Sale, Again

San Diego-based Inseego--the company once known as Novatel Wireless--along with Jade Ocean Global Limited, which is a subsidiary of T.C.L. Industries Holdings, say they once again have withdrawn their request for regulatory approval from the Committee on Foreign Investment in the United States (CFIUS). The firms said that the withdrawal, and immediate re-filing, of its request, is intended to provide additional time to provide a "definitive mitigation agreement" for approval from CFIUS. This is the second time the companies have pulled the move, after it encountered resistance to the planned sale of Novatel Wireless. The two announced a deal to sell Novatel Wireless to Jade Ocean in September of 2016, when Novatel Wireless renamed itself Inseego. The companies reset their request for approval from the CFIUS in January, saying that the reset was due to a new incoming Presidential administration.

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