Nuheara - Voluntary Administration

Nuheara (ASX:NUH), a Perth-based smart earbud company, entered voluntary administration on 7 August.

The company makes devices that allow consumers to adjust their hearing according to their own personal preferences.

Martin Jones, Matthew Woods and Clint Joseph of KPMG were appointed voluntary administrators, and said the decision was taken to allow the company to conclude its ongoing strategic review and restructuring process due to the impending maturing of its $2.5m convertible note held by Realtek Semiconducter Corporation, with whom the company had been unable to reach a satisfactory commercial agreement. Realtek supplies the chips that go into Nuheara’s products.

The administrators are conducting an urgent assessment of the business, while Nuheara continues to trade throughout the process.