Nuheara shares fall on market update

Shares in Nuheara have slumped up to 20 per cent today, after takeover bid to acquire it did not proceed and it discontinued its LiveIQ product.

In a market update to the ASX, Northbridge-based Nuheara said in April it received an indicative non-binding letter of intent from a large multinational company to acquire all of its issued shares.

However, the deal did not proceed, and it recommenced its pre-exisiting discussions with an original equipment manufacturer (OEM) for its wireless, noise-cancelling earbud product called LiveIQ.

“Nuheara has refined its strategy and determined that any further OEM discussions will be focused only on its high value products,” it said.

“As a consequence the company will discontinue LiveIQ as a product under development for any channel.”

The Justin Miller-led company said all LiveIQ technology developments would be transferred to its IQbuds MAX product.

Its IQbuds MAX are set to enter mass production soon, and its IQStream TV commenced shipping in the first week of June, ahead of its scheduled shipping date, Nuheara said.

It also said the company has seen a significant up-take from existing IQbuds BOOST customers for the IQStreamTV product.

However, its IQbuds have only achieved “limited success” on the Australian Government Hearing Services Program.

Shares in Nuheara were trading at 6.1 cents at 1pm AEST.