CID Holdco (NASDAQ: DAIC) lands $1.27M Wurth stocking order for ZIM products
Rhea-AI Filing Summary
CID Holdco, Inc. disclosed that it has accepted an initial stocking order from Wurth Industry North America LLC for approximately $1.27 million of its Zero Infrastructure Mesh ("ZIM") technology network products. Under the order terms, Wurth pays fifty percent of the amount at acceptance and the remaining fifty percent upon shipment of the products.
The order is governed by CID Holdco’s existing partner agreement and exclusivity agreement with Wurth, which grant Wurth global distribution rights to sell the company’s software and hardware products during an initial one-year term and up to four renewal terms, unless terminated earlier under the agreements.
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8-K Event Classification
FAQ
What did CID Holdco, Inc. (DAIC) announce in this 8-K?
CID Holdco, Inc. announced it accepted an initial stocking order from Wurth Industry North America LLC for approximately $1.27 million of its Zero Infrastructure Mesh ("ZIM") technology network products.
How is the $1.27 million Wurth order structured for CID Holdco, Inc. (DAIC)?
Under the order, 50% of the payment is due upon acceptance and the remaining 50% is due upon shipment of the ZIM products.
What agreements govern the Wurth order for CID Holdco, Inc. (DAIC)?
The order is subject to the company’s partner agreement with Wurth dated December 18, 2024 and an exclusivity agreement dated September 30, 2024. Together these are referred to as the Wurth Agreement.
What distribution rights does Wurth have under the Wurth Agreement with CID Holdco, Inc. (DAIC)?
The Wurth Agreement gives Wurth global distribution rights to sell CID Holdco’s software and hardware products to its customers during the initial one-year term and each of four renewal terms, unless the agreement is terminated earlier in line with its terms.
Does CID Holdco, Inc. (DAIC) provide any assurances about the Wurth order or agreement?
The company states there can be no assurances that the payment terms or performance of the order or the Wurth Agreement will not be amended or modified from time to time.
Are there forward-looking statements in CID Holdco, Inc.’s (DAIC) disclosure about the Wurth order?
Yes. The company notes that statements regarding the payment or performance of the order or the Wurth Agreement are forward-looking statements and subject to risks and uncertainties related to its business, market conditions, and other developments.