A Perth-based wireless earbud company, voted one of the best inventions of 2020, has appointed a voluntary administrator.
Nuheara announced to the ASX it had been expecting a $2.5 million investment known as a convertible note from audio company Realtek Semiconducter Corporation that did not eventuate.
It was also expecting a commercial and royalty agreement from Realtek that has not been signed.
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Nuheara has now appointed KPMG as a joint administrator to review the company’s finances.
“The company is disappointed that it has been unable to reach a satisfactory commercial agreement with Realtek, regarding the convertible note,” the announcement said.
