CML Microsystems plc (AIM:CML) entered into a definitive agreement to acquire Microwave Technology, Inc. for $18 million on January 17, 2023. The Acquisition is valued at a maximum of $18 million and will be funded from a mixture of the Company's significant existing cash resources and the issue to the sellers of new CML ordinary shares in a ratio of approximately 60/40. Upon successful closing of the transaction, it is intended that MwT's majority shareholder and current Chairman, Dr Nathan Zommer, will join the CML Board of Directors in a non-executive capacity. The Acquisition is subject to US regulatory clearance. The Acquisition is expected to complete during the first half of 2023.

CML, which develops mixed-signal, RF and microwave semiconductors for global communications markets, is pleased to announce that on September 26, 2023, received formal clearance from the US Government to proceed with the acquisition of Microwave Technology, Inc. ("MwT"), which was announced on January 17, 2023. In connection with this process, CML has signed a National Security Agreement ("NSA") with the relevant US government agencies, on behalf of the Committee on Foreign Investment in the US ("CFIUS"), whereby CML will be required to implement specific measures to oversee compliance with the NSA. The Company expects the MwT acquisition to complete during the first week of October 2023 and will make a further announcement upon completion.

CML Microsystems plc (AIM:CML) completed the acquisition of Microwave Technology, Inc. on October 2, 2023.