Nextech3D.ai and Arway Announce Business Combination Update

Nextech3D.AI and Arway Corporation have provided an update on their planned business combination. Nextech aims to acquire all Arway shares it does not already own. This acquisition will consolidate Nextech's technology alongside Map Dynamics, seeking to streamline operations and enhance their event management platform, Map D. By integrating teams and technology, the company aims to cut costs and accelerate product development. The businesses have not finalized terms but intend to proceed with a three-cornered amalgamation.

During impairment testing, it was concluded that Arway assets might not generate sufficient future cash flows, leading to a $5 million impairment charge. Despite previous challenges, Nextech believes the strategic integration enhances the Map D platform and argues that recent acquisitions could create new synergies. The transaction is pending shareholder and regulatory approvals, with further details to be released.