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Neonode +9.6%; details shared about Autoliv deal

Mar. 16, 2015 2:43 PM ETNeonode Inc. (NEON) StockBy: Eric Jhonsa, SA News Editor2 Comments
  • Neonode (NASDAQ:NEON) states an agreement with automotive safety system maker Autoliv (mentioned in last week's Q4 report) will result in Autoliv making an initial $1.5M payment to Neonode, along with "an additional $1,500,000 in three staggered payments subject to and after achievement of project milestones during a 12 months period."
  • The agreement covers the development of "a new Human Machine Interface sensing product for vehicle steering wheel applications," and the licensing of Neonode's zForce Drive active sensor steering wheel tech.
  • Neonode has "agreed not to license its steering wheel technology zForce DRIVE to any other third party in the steering wheel market for a period of 24 months after Autoliv commences production."
  • Shares are recovering a large chunk of last week's post-earnings losses.

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