Samvardhana Motherson International Acquires Prysm Systems Inc. Assets for USD 2.0 Mn, Retiring Part of Outstanding Debt Note

Samvardhana Motherson International Limited (SMIL) has provided an update on its investment into Prysm Systems Inc. (Prysm) through its indirect wholly owned subsidiary, MSSL Consolidated Inc. (MSSL Consol). Following a default under all outstanding notes, Prysm underwent a foreclosure process and public auction, which was completed on January 29, 2025. MSSL Consol emerged as the successful bidder at a bid value of USD 2.0 mn, acquiring all rights, title, and interest in and to all assets and contracts. These assets and contracts will be transferred to a newly incorporated entity, Motherson Prysm Inc. Additionally, MSSL Consol has provided drip financing of USD 1.7 mn and will use the consideration of USD 2.0 mn to retire interim drip financing and part of the outstanding debt note. The remaining outstanding notes have been provided for in SMIL's financial statements. This acquisition will not have an adverse impact on the profitability of the company.