Vecima Networks (TSE:VCM) has released an update.
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Vecima Networks, a leading innovator in multi-gigabit broadband networks, was named the backup bidder with a final offer of USD$44.95 million for the Cable Business Assets of Casa Systems during a bankruptcy auction. Despite not securing the assets, Vecima’s President and CEO, Sumit Kumar, expressed confidence in the company’s financial performance and its potential for growth in the broadband and video delivery market. The company awaits a decision from the U.S. Bankruptcy Court and will update on the acquisition outcome and its financing conditions.
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