Samvardhana Motherson International Ltd (SMIL) announced on January 9 that its subsidiary, MSSL Consolidated Inc. (MSSL Consol), will take steps to acquire the assets and patented technology of Prysm Systems. MSSL Consol had previously invested in Prysm Systems through 12% optionally convertible secured notes, but due to unmet conditions for conversion, SMIL has opted for a different course of action to protect its investment.
To ensure the continued development of Prysm’s Gen 3 prototype and complete related processes, SMIL has initiated a statutory foreclosure and public auction for Prysm’s assets. This move will provide SMIL full ownership of the critical assets and patented technologies, securing control over key innovations. “We are taking these steps to ensure the uninterrupted development of Prysm’s technologies and to secure full ownership of its groundbreaking assets,” said SamvardhanaMotherson.
To maintain smooth operations during the transition, MSSL Consol will provide interim funding of up to $3.8 million. SMIL also confirmed that it has already accounted for its investment in Prysm under its conservative accounting practices, with no impact on its profitability. The company plans to provide further updates on the foreclosure process by March 31, 2025, as part of its ongoing strategy to capitalize on Prysm’s advanced technology while protecting its financial position.
Samvardhana Motherson is a globally recognized manufacturer and supplier of automotive components, with a strong presence across over 41 countries. Founded in 1975, the company has evolved into one of the world’s largest automotive component suppliers, offering a diversified portfolio that includes wiring harnesses, rearview mirrors, polymer components, precision metals, and more.
Samvardhana Motherson serves leading global automotive brands, leveraging its cutting-edge technology, world-class manufacturing capabilities, and customer-centric approach. With a focus on innovation, sustainability, and operational excellence, the company continues to play a key role in shaping the future of the automotive industry while expanding its reach into adjacent industries like aerospace, logistics, and healthcare.
