Serious questions are being asked as to whether the sale of Voxx International Corporation a global audio Company to Gentex Corporation, a US-based auto parts manufacturer is in trouble after the US Nasdaq stock Exchange issued a notice against the audio Company.
The manufacturer of Klipsch, Onkyo and the owner of Premium Audio Products who set up a subsidiary in Australia and then closed it down, when management failed to deliver growth, resulting in the sale of Vox products being moved into Melbourne based distributor Westan is now begging for extra time to comply with Nasdaq demands.
Late last week the US Company was issued with an order after they failed to lodge an update of their financial returns for the three month period ending November 30, 2024, with questions now being raised as to the accuracy of the last lot of released numbers.
Vox claims that the delay in filing its quarterly financial report, is because they are in in the middle of being acquired by Gentex Corporation.
There was no mention of whether Gentex had requested audited accounts prior to announcing the acquisition of the Company late last year or why those audited accounts could not be lodged with the US stock exchange.
Gentex announced that they had signed a definitive agreement to acquire VOXX International in an all-cash transaction at US$7.50 per share. T
he acquisitions was expected to close in Q1 2025, with the move adding $350-400 million in annual revenue to the automotive Company.
The acquisition includes EyeLock an iris biometric technology owned by Vox International and the Premium Audio Company as well as audio brands Klipsch, Onkyo, and Integra.
Gentex claim that they plan to leverage its high-volume manufacturing expertise to expand in consumer technology and connected home spaces.
Vox who is now at odds with the US Nasdaq, has asked for an additional 60 days to file the requested documents.