NUH Action Group, page-46

Excellent summary

I would add that this committee may well be angling to sell the business to a buyer hence their strategy and tactics. During the VA process a few potential names came up
1) Hear X ( A south African hearing company who has a significant presence in the US
2) Masimo (A US consumer and medical equipment company they have 2 streams 1) consumer which owns brands such as Denon, Boston Acoustics, Marantz and 2) medical devices. it appears the company will split in 2 one focused on consumer and the other on medical. Another interesting fact is the guy who came from Samsung to NUH back in 2018 then left NUH following the botched takeover or indication of a takeover is at Masimo Australia. That appears to be the connection
3) Asian or Chinese semiconductor company, dont know who but would have to be substantive.

On page 6 of the KPMG report 10/12/24 they state that Azure was conducting a sale process even before KPMG was appointed and by the date of the report there were only 3 interested parties. But in 2023 Miller stated there were upto 10 potential OEMs at various stages of interest and at the 5th of Sept 23 Sydney investor briefing he stated there were 3 progressed and interested OEM with a non US non OTC OEM that was "well progressed".

These 3 parties are perhaps the subset of the 10? But again, nothing

The question that really stands out here is why NUH could not execute a sale? In fact they never have been able to. Samsung walked after expressing some interest (whether it was a offer or simply interest) HP upon signing an OEM then walked, Realtek could of bought the company easily given their investment, in June 2022 NUH was only worth $10mln and then we have the bizzare situation of Realtek offering 50% of the revenue split for the IP and these guys knocked it back and none of the above 3 entities were willing to step up
The reason given why no one bought NUH was that they did not have an executed supply agreement, but if the IP is so valuable why not just pay out the CN and buy it? Perhaps the offers were way too low?

If we look at the history of NUH, it appears the only value the IP may have is in application not as a standalone. For example HearX and now Apple and also a number of other firms also have the self testing and adjusting technology.

So perhaps the only real value can be achieved via embedding it within a chip or other technology like realtek did then within a product. BUt without Realtek the Gen 4 product is dead. Orrecchio/NUH basically dont have any product and no one is buying the 5 yr old Max/HP Pro's that are now completely outdated. NUH cannot use the Realtek chip and neither can Realtek. And any IP NUH gained through its colaboration with Realtek cannot be used either.

They brought Miller in to deliver but he has never delivered and never will