Settlement of AdColony Earnout
Reference is made to announcement 26[th] February 2021 where Otello announced that it had entered into a definitive agreement to sell AdColony to Digital Turbine, Inc. (Nasdaq: APPS) for a total estimated consideration of $400 million. As part of the agreement was a an on-target earn-out of $200 million, to be paid fully in cash, based on AdColony achieving certain future target net revenue objectives in 2021. Otello and Digital Turbine have agreed to settle the earn-out to a fixed amount of $204.5 million and the payment date has been moved forward to 15[th] January 2022. The initial