Thats a very good point and it seems you are right. It has to do...

Thats a very good point and it seems you are right. It has to do with 20day Vwap on earn out date rather than sales performance bcause they did achieve their sales goals.

3. Issue price of earn-out shares will be equal to the 20 day VWAP prior to 31 Dec 2020 and 31 Dec 2021 respectively.

4-Software ARR growth
of 69% in the 2 years
to 31 Dec 2021
• EBITDA of CHF0.5m
for 12 months to 31
Dec 2021
• Earn-out capped at
CHF7.0m
• 25% cash (max of
CHF1.75m) and 75%
LiveTiles shares(3)