Prysm Systems’ assets will be auctioned off through a public sale, with Samvardhana Motherson working to ensure their secure transfer.

Samvardhana Motherson International Ltd (SMIL) has taken steps to secure the assets and patented technology of Prysm Systems, a technology-driven entity, through its indirect subsidiary MSSL Consolidated Inc. (MSSL Consol). Due to unmet conditions for converting the 12% optionally convertible secured notes into equity, SMIL has initiated a statutory foreclosure process and public auction for Prysm’s assets to ensure full ownership and control over the innovations. To maintain continuity of the development work, SMIL will provide interim financing of up to $3.8 million. The company has already accounted for the investment in Prysm under conservative accounting policies, ensuring no adverse impact on profitability. Additional updates on the foreclosure process will be provided by the end of March 2025. This move reflects SMIL’s commitment to leveraging Prysm’s cutting-edge technology while safeguarding its financial interests.