GoerTek Inc. entered into an agreement to acquire 11.4% stake in Kopin Corporation for $23.8 million.

GoerTek Inc. (SZSE:002241) entered into an agreement to acquire 11.4% stake in Kopin Corporation (NasdaqGS:KOPN) for $23.8 million on January 3, 2017. Under the terms of the transaction, GoerTek will acquire 7.339 million shares of Kopin Corporation. GoerTek and Kopin Corporation have entered into agreements to jointly develop and commercialize a range of technologies and wearable products.

The transaction is subject to standard closing conditions. The expected closing of the transaction is January 27, 2017. As of February 13, 2017 GoerTek Inc. will acquire 7.6 million shares of Kopin Corporation for $24.7 million.