BlackBerry to review strategic options for its business
Reuters
Published May 01, 2023 05:18PM ET
Updated May 01, 2023 05:51PM ET
(Reuters) -BlackBerry will conduct a review of strategic alternatives, which includes the possible separation of one or more of its businesses, the Canadian technology company said on Monday.
The company's US-listed shares rose near 11% in trading after the bell.
BlackBerry (NYSE:BB), which was founded in 1984 and built pagers, said it has not set a timeline for the process and does not intend to disclose developments related to the review unless the board has approved a specific agreement or has ended the process.
The company went public in 1997 and soon became popular for its ubiquitous business smartphones, which were toted by executives, politicians and legions of fans in the early 2000s. It pulled the plug on the business last year and has since been trying to sell its legacy patents related to its mobile devices.
BlackBerry said on Monday it will continue with the previously announced sale of the patents to Malikie Innovations Limited for up to $900 million, after its prior deal to sell them to Catapult IP Innovations Inc for $600 million fell through as it took longer than usual to close.
Malkie is a newly formed unit of intellectual property monetization firm Key Patent Innovations Ltd.
Once known for its phones with a tiny QWERTY physical keyboard and the BBM instant messaging service, BlackBerry's core businesses today are cybersecurity and software used by automakers.
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Written By: Reuters
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