Silicon Investor - REFR Since Gauzy

[Auger50] “Engineering a Chemical ShutterAccording to the new patent application (US 2026...

Auger50 — 6/10/2026 6:38:40 PM

“Engineering a Chemical ShutterAccording to the new patent application (US 2026/0104150), Tesla is developing an adaptive lighting system that uses ultra-thin chromic paneling. This is a specialized photochromic or Suspended Particle Device (SPD) film applied directly to the surface of the headlights, which can act as a dynamic shutter.”

notateslaapp.com

[JP89] 2027 Polestar 4 Launches: Enhanced Features and Lower Price - The Asia Business ...

JP89 — 6/10/2026 4:10:26 PM

2027 Polestar 4 Launches: Enhanced Features and Lower Price - The Asia Business Daily

the electrochromic glass roof is 1 million won.

Interesting to know that the electrochromic glass on the new Polestar is about $650.00 per unit. That's a decrease of about $325.00 from last year's model.

If SPD glass continues to lower in price, so are the others.

[Auger50] A substack (under paywall) about RFi/Gauzy: open.substack.com

Auger50 — 6/9/2026 10:59:31 AM

[JP89] Could be interesting if this is the Asian OEM. If so, how to the heck did this a...

JP89 — 6/8/2026 4:06:56 PM

Could be interesting if this is the Asian OEM. If so, how to the heck did this author know?

[firstresponder] M guess would be a Gauzy product other than PDLC (if the article is correct abou...

firstresponder — 6/8/2026 1:53:56 PM

M guess would be a Gauzy product other than PDLC (if the article is correct about Gauzy).

[JP89] What would the options be then if not the PDLC in the video?

JP89 — 6/8/2026 12:24:13 PM

[firstresponder] FWIW, this video shows 2026 BDY Seal using Shadow PDLC. So if the Medium art...

firstresponder — 6/8/2026 12:09:54 PM

FWIW, this video shows 2026 BDY Seal using Shadow PDLC.

So if the Medium article is right, the Han might not be using PDLC.

[JP89] How a Chinese Car Company Bought Itself a Continent and Nobody Noticed Part...

JP89 — 6/7/2026 8:01:10 PM

How a Chinese Car Company Bought Itself a Continent and Nobody Noticed

Part Five: The Supply Chain That Spans 14 Countries and Leaves Nowhere to HideUnder every BYD sold in France sits something called the e-Platform 3.0. This is the engineering foundation — the set of shared components, architecture, and systems — that BYD uses across its core electric vehicle lineup. Understanding who makes what on this platform is understanding why BYD cannot be displaced from Europe without causing an industrial earthquake across a dozen countries simultaneously.

BYD manufactures 68% of the platform’s value in-house. The battery cells come from its FinDreams Battery subsidiary. The electric motors come from FinDreams Motor. The battery management electronics and the inverter chip designs come from BYD Semiconductor. The vehicle control software comes from BYD’s internal teams. This is the highest vertical integration ratio of any major automaker in the world. Volkswagen, for comparison, makes around 35% of its equivalent platform value internally. BYD makes nearly twice that proportion itself.

The remaining 32% is where fourteen countries get involved.

Bosch of Stuttgart supplies the brake-by-wire system and radar sensors on every model, plus its ADAS software stack. ZF, also German, supplies electric power steering, adaptive dampers, and all-wheel-drive units on the upper models. Magna International of Austria supplies front suspension modules across the entire platform. Aptiv of Ireland supplies wiring harnesses. Georg Fischer of Switzerland supplies aluminum rear subframes. Qualcomm of San Diego supplies the processor that runs the infotainment system in every BYD on sale in Europe. Mobileye of Jerusalem, an Intel company, supplies the ADAS processing chip in the upper models. An Israeli company called Gauzy supplies the electrochromic smart glass in the Han’s roof. Fansys Corporation of Taiwan supplies display panels. Brembo of Italy supplies the brake callipers. Pirelli of Italy supplies tires alongside Michelin. voestalpine of Austria supplies the ultra-high-strength steel for the Dolphin Surf’s body structure in Hungary.

How a Chinese Car Company Bought Itself a Continent and Nobody Noticed | by Christian Baghai | Jun, 2026 | Medium

Interesting article, overall. However, is anybody tracking Gauzy supplying smart glass to BYD? I'm not finding any information on the current Hans model having PDLC or any smart glass.

[JubilationT] Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or...

JubilationT — 6/7/2026 11:45:45 AM

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On June 2, 2026, Research Frontiers Incorporated (the “Company”) received two deficiency notification letters from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”).

The first notification letter advised the Company that, based upon the closing bid price of the Company’s common stock for the 30 consecutive business days from April 15, 2026 to June 1, 2026, the Company no longer satisfies the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2).

The second notification letter advised the Company that, based upon Nasdaq’s review of the Company’s Market Value of Listed Securities (“MVLS”) for the 30 consecutive business days from April 20, 2026 to June 1, 2026, the Company no longer satisfies the $35 million minimum MVLS requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(b)(2). The notification letter also noted that the Company does not currently meet the alternative continued listing standards under Nasdaq Listing Rules 5550(b)(1) and 5550(b)(3), relating to minimum stockholders’ equity and net income from continuing operations, respectively.

The Nasdaq notifications have no immediate effect on the listing or trading of the Company’s common stock, which will continue to trade on The Nasdaq Capital Market under the symbol “REFR.”

In accordance with Nasdaq Listing Rules 5810(c)(3)(A) and 5810(c)(3)(C), the Company has been provided 180 calendar days, or until November 30, 2026, to regain compliance with the minimum bid price requirement and the MVLS requirement, respectively.

To regain compliance with the minimum bid price requirement, the closing bid price of the Company’s common stock must be at least $1.00 per share for a minimum of ten consecutive business days during the compliance period, unless Nasdaq exercises its discretion to require a longer period as permitted under its rules.

To regain compliance with the MVLS requirement, the Company’s MVLS must close at $35 million or more for a minimum of ten consecutive business days during the compliance period, unless Nasdaq exercises its discretion to require a longer period as permitted under its rules.

The Company intends to monitor the closing bid price of its common stock and its MVLS and will consider available options to regain compliance with the applicable Nasdaq continued listing requirements. The Company’s objective is to regain compliance through improved market valuation and bid-price performance, and the Company does not currently intend to effect a reverse stock split for the purpose of regaining compliance. However, there can be no assurance that the Company will regain compliance with either requirement within the applicable compliance period, or at all, or that the Company will otherwise remain in compliance with the other Nasdaq continued listing standards.

[dimtint] Skoda is a vw division I assume pdlc

dimtint — 6/4/2026 9:18:53 PM

[JP89] Skoda’s Three-Row EV Brings 373 Miles To The Kia EV9 Fight | Carscoops The sk...

JP89 — 6/4/2026 9:05:53 PM

Skoda’s Three-Row EV Brings 373 Miles To The Kia EV9 Fight | Carscoops

The sketches stick to the exterior, but we already know plenty about the cabin. Among the highlights are a 13.6-inch infotainment touchscreen, an augmented-reality head-up display, an electrochromic panoramic roof, ergonomic massage seats with leg rests, a high-end audio system, and recycled materials.

Every brand needs a flagship eventually, and Skoda’s is about to arrive with a name that looks like a typo. The company has released sketches of the all-new Peaq, our first proper look at the design of the electric three-row SUV. It gets its global premiere in Monnetier-Mornex, France, on June 23.

[dimtint] Did they in fact raise that 12 million in the winter cramdown? And if so how muc...

dimtint — 6/4/2026 7:30:22 PM

Did they in fact raise that 12 million in the winter cramdown? And if so how much is left. Can this factory actually make a go of it somehow… wider film. Black film who knows. An actual 6k the 20f a letter from the gauzy board.

Gauzy being public makes it arduous to buy the stuttgard assets in bankruptcy court plus at least 3 jursdictions.

Given gauzy is already in so much trouble, can they sell the equipment out the loading dock and then refr hires the chemists in Tel Aviv. I may go to the am just to suggest it

A total mess. Refr has had long periods with no producer of the film this time I hope Darryl and Alex put forward a plan to avoid that again even if it means dilution at this point. It time for refr to be aggressive in terms of production imo

[DashernComet] A corollary question; Is there any evidence that the Gauzy Stuttgart plant is st...

DashernComet — 6/4/2026 4:10:33 PM

A corollary question; Is there any evidence that the Gauzy Stuttgart plant is still operating?

[dimtint] Has Ferrari confirmed it? I haven’t found anything direct from Ferrari about the...

dimtint — 6/4/2026 6:31:30 AM

Has Ferrari confirmed it? I haven’t found anything direct from Ferrari about the roof. I imagine at the very least, Ferrari needs to confirm

However gauzy seems to be non functional. No 20f and no 6k two weeks after losing 80% of their business

[JP89] Any particular reason why Gauzy cant create a PR on the Luce?

JP89 — 6/3/2026 6:32:29 PM

[JoAnnBarbour] They are definitely appealing the decision.

JoAnnBarbour — 6/1/2026 1:09:49 PM

[dimtint] seems like Gauzy really ought to file a 6k. It's 12 days since the decision even...

dimtint — 6/1/2026 12:30:00 PM

seems like Gauzy really ought to file a 6k. It's 12 days since the decision even if they have an appeal in place.

[Auger50] clayens.com

Auger50 — 6/1/2026 12:06:20 PM

[dimtint] Isoclima is or was laminating the roofs for the mclaren. After AGP bankkruptcy, ...

dimtint — 5/27/2026 12:07:05 PM

Isoclima is or was laminating the roofs for the mclaren. After AGP bankkruptcy, I think AGC is doing the Ferrari. But it's Gauzy SPD in all cases.

[dimtint] I've been told by someone unrelated to any of this, but familiar with the redres...

dimtint — 5/27/2026 12:05:35 PM

I've been told by someone unrelated to any of this, but familiar with the redressment process in France, that Gauzy is likely filing an appeal and that may explain the lack of 6k

[firstresponder] AFAIK, Isoclima remains licensed as an emulsion and film producer. If so, my maj...

firstresponder — 5/27/2026 11:54:13 AM

AFAIK, Isoclima remains licensed as an emulsion and film producer. If so, my major concern is their willingness to continue fulfilling the McClaren and Ferrari contracts in case Gauzy GmBh fails.

[JP89] Tesla Patents Preview Innovative Ways to Keep Your Hot Car Cool Tesla could jus...

JP89 — 5/27/2026 11:52:06 AM

Tesla Patents Preview Innovative Ways to Keep Your Hot Car Cool

Tesla could just use SPD instead...

[dimtint] https://autotorque.in/ferrari-luce-2026-review-3 One feature I genuinely liked...

dimtint — 5/27/2026 10:44:55 AM

https://autotorque.in/ferrari-luce-2026-review-3

One feature I genuinely liked was the glass roof that tints automatically based on the sun’s intensity.

[dimtint] I believe gauzy is the only supplier of spd film to anyone

dimtint — 5/26/2026 8:17:44 PM

[dimtint] Oddly 1q26 was the second highest revs of the last 4 quarters implying something...

dimtint — 5/26/2026 8:14:28 PM

Oddly 1q26 was the second highest revs of the last 4 quarters implying something above MAR. It’s all deminimus of course

Hardly surprising a lambo dealer bashing Ferrari

[JubilationT] RFI Headquarters may have this sign soon. [graphic]

JubilationT — 5/26/2026 7:48:54 PM

RFI Headquarters may have this sign soon.

[DashernComet] My question is, can Gauzy provide SPD FILM for the Luce? Is any film being produ...

DashernComet — 5/26/2026 7:36:41 PM

My question is, can Gauzy provide SPD FILM for the Luce? Is any film being produced in Stuttgart? The last Q revenue would suggest that only Minimum Annual Royalty was collected by REFR. NO product was delivered.
$135K Q1 revenue does not suggest any production revenue was declared.
I could see 2000+ units of the Luce eventually being produced annually. The sell price of SPD on the Purosangue is $20K. (I posted a window sticker some time back for proof). So IF THE LUCE DID HAVE SPD, it would move the needle. I don’t think it does. I’m not sure the Purosangue has SPD anymore either!
So, you have 1400 Purosangue units @ 90% take rate producing $5-700K per quarter for REFR. Didn’t happen in Q1.
What is wrong with SPD? What is wrong with SPD at Ferrari? What is wrong with Gauzy Stuttgart? (Mr. lime knows) oh, please ridicule me, but I have been consistently accurate!
Please google or use AI of your choice, Corning is not a license of REFR. Gorilla glass doesn’t use SPD. (I remembered, Stockdung used to say, years ago, that Gorrila Glass would supplant SPD.)
I just bought a Urus instead of a Purosangue. Faster car, 1/2 the price. Salesman said the SPD (he was my guy at Ferrari for years!) doesn’t block the heat in the backseat! Nice ride!
What is wrong with SPD that nobody tells you?

[Auger50] FWIW: sciencedirect.com

Auger50 — 5/26/2026 7:30:32 PM

[firstresponder] My big question is whether Isoclima is capable of supplying film for the Purosan...

firstresponder — 5/26/2026 6:42:31 PM

My big question is whether Isoclima is capable of supplying film for the Purosangue.

[JP89] Still warrants a press release.

JP89 — 5/26/2026 5:02:33 PM

[Optionchain] The Corning reference isn’t the roof. The roof is electrochromic so based on pa...

Optionchain — 5/26/2026 4:06:31 PM

The Corning reference isn’t the roof. The roof is electrochromic so based on past comments by Joe, this will have SPD. But at $600,000, it isn’t going to move the needle.

[dimtint] Hard to imagine a good reason why they can't get the 20f together and submitted ...

dimtint — 5/26/2026 3:12:24 PM

Hard to imagine a good reason why they can't get the 20f together and submitted and why they can't get the 6k out for the court decision last week. They must just be in complete disarray. Given Vision was sold for the debt, I wonder how much the machinery in Stuttgart would cost.

[JoAnnBarbour] finance.yahoo.com Gauzy Ltd. Announces Receipt of Nasdaq Notice Regarding D...

JoAnnBarbour — 5/26/2026 2:43:45 PM

finance.yahoo.com

Gauzy Ltd. Announces Receipt of Nasdaq Notice Regarding Delayed Filing of Annual Report on Form 20-F

[JP89] So probably not SPD?

JP89 — 5/26/2026 2:38:36 PM

[firstresponder] From Ferrari Corporate, not sure how much of it applies to the glasshouse. Th...

firstresponder — 5/26/2026 11:38:32 AM

From Ferrari Corporate, not sure how much of it applies to the glasshouse.

The central tunnel incorporates the key housing, the drive mode selector, the armrests, the storage compartment, and the rear seat controls. The start-up sequence begins with the insertion of the key, a uniquely designed item made from Corning® Gorilla® glass – the first automotive glass engineered to ensure exceptional durability and scratch resistance whilst delivering excellent visual performance. The key features a special display known as “E Ink”, which only uses energy when it changes colour, thanks to its bistable properties. The use of an “E Ink” display is a world first in the automotive industry.

[JP89] wsj.com The Luce’s entire upper half and many of its fittings are made of glass...

JP89 — 5/26/2026 7:44:29 AM

wsj.com

The Luce’s entire upper half and many of its fittings are made of glass, much of it supplied by U.S. glassmaker turned artificial-intelligence darling Corning

.
Competitor?

[Auger50] youtu.be [graphic]

Auger50 — 5/26/2026 12:02:18 AM

youtu.be

[Auger50] 877 A Highly Uncertain Future for the Automotive Subsidiary Eyal Peso, who ser...

Auger50 — 5/24/2026 12:14:20 PM

877

A Highly Uncertain Future for the Automotive Subsidiary Eyal Peso, who served as the mid-sized enterprise’s executive until the court’s ruling, had submitted a recovery plan in early May in an attempt to save his company. He requested a one-month grace period to facilitate the sale of the cockpit sunshade division to a third party for €106 million. After reviewing the plan—and in light of the company’s critical financial situation—the court declined the request. The fate of Safety Tech and its high-tech rearview mirrors remains to be decided. According to our sources, OIC will not submit an offer solely for this specific division. The Indian conglomerate Tata has also expressed interest but was unable to submit a formal offer; such an offer is subject to France’s foreign investment control procedures, and its application for authorization has not yet been reviewed by the Ministry of the Economy.

[Auger50] usinenouvelle.com Home Exclusive French Firm Clayens Acquires Vision Systems—Th...

Auger50 — 5/24/2026 12:13:30 PM

usinenouvelle.com

Home Exclusive French Firm Clayens Acquires Vision Systems—The Troubled Global Leader in Airliner Sunshades Following several months of court-supervised restructuring, the future of the mid-sized enterprise (ETI) Vision Lite has been decided by the Lyon Commercial Court. A gem in the field of cockpit sun protection, its aerospace subsidiary has been acquired by the Clayens Group. Its automotive division, however, remains under a court-ordered observation period. Thibaut Chereau and Antoine Vermeersch Published on May 22, 2026, at 8:00 AM Share Subscribers Only Too Few Aircraft Deliveries | Spirit AeroSystems, Inc. Vision Lite claims to supply over 90% of the cockpit sun protection systems for airliners worldwide. Both employees and prospective buyers of Vision Lite were taken by surprise following the ruling by the Lyon Commercial Court. On Tuesday, May 19, the judges approved the piecemeal sale of this French mid-sized enterprise—the global leader in aircraft cockpit sun protection systems. Its aerospace subsidiary, Vision Systems (186 employees; €29.6 million in revenue in 2023), along with 24 of the 46 employees from Gauzy—the holding company housing the group's support functions—have been acquired by Clayens. This acquisition accounts for 210 of the 376 jobs based at the Brignais facility (Rhône department). This French engineering group (€610 million in revenue in 2025; 4,800 employees worldwide) has made the aerospace sector a key strategic growth area, having completed approximately twenty corporate acquisitions over the past fifteen years. The group has pledged "not to carry out any economically motivated layoffs among the acquired employees for a period of 24 months." For Safety Tech—the automotive subsidiary (144 employees and €28.3 million in revenue)—the future appears bleaker. The observation period for the entity, which manufactures smart rearview mirrors and driver-assistance systems, has been extended until November 13, 2026. "The Most Financially Advantageous" In the court ruling reviewed by *L’Usine Nouvelle*, the judges noted that the winning bid for Vision Systems presents "particularly robust financials" and is "the most financially advantageous," with an acquisition price of €8.75 million for Vision Systems and €250,000 for Gauzy. Clayens will not acquire Vision Systems North America—the mid-cap company's U.S. subsidiary—whose operations have already been repatriated to France. When contacted, Clayens did not respond to our request for comment. However, the transcript of the hearings indicates that its proposal "aims to consolidate [Vision Systems’] existing operations while facilitating their gradual integration into a structured industrial group possessing complementary methods, tools, and resources." The document makes no mention of any potential relocation of operations, as Clayens already operates an industrial facility in Genas (Rhône), located approximately 30 kilometers from Brignais. The Front-Runner Bid Ultimately Rejected By rejecting the bid submitted by the U.S. fund Orion Infrastructure Capital (OIC)—a minority shareholder in the mid-cap firm—which was backed by a dozen Vision Lite executives, the industrial groups Mecapole and Inovelec, as well as Jean-Louis Coutin (Chairman of the Vignal Group) and Carl Putman (a former Vision Lite executive), the judges took many observers of the case by surprise. This rejected proposal was the only one that sought to preserve the group in its entirety. Among the various opinions cited in the court ruling, Vision Lite’s court-appointed administrators noted that OIC possessed "substantial financial strength" and that its bid was "the best from a social standpoint." The supervising judges and the public prosecutor’s office also lent their support to this bid. Finally, the employee representative indicated that the workforce was "in favor" of the offer—which included a commitment of €30 million in investments—while remaining "more reserved" regarding the bid submitted by Clayens. The official stance was more nuanced among the aircraft manufacturers that utilize the mid-sized company’s products. Airbus, Airbus Helicopters, and ATR all expressed a preference for a takeover "by an industrial player." These manufacturers have, in fact, found themselves in an uncomfortable position for several months. The court-appointed administrators further noted that "customer advances" had enabled Vision Lite to finance its operations throughout the observation period, which began following its placement under judicial reorganization in late 2025. Despite partnering with aerospace suppliers Mecapole and Inovelec, the American investment fund OIC was deemed a potentially problematic choice regarding "the delivery of compliant products," as it lacked its own independent certifications. A Highly Uncertain Future for the Automotive Subsidiary Eyal Peso, who served as the company’s CEO until the court’s ruling, had submitted a restructuring plan in early May in an attempt to save his business. He requested a one-month extension to facilitate the sale of the cockpit sunshade division to a third-party buyer for a sum of €106 million. After reviewing the plan—and given the situat.

[JP89] Tesla Wants To Cool Future EVs With A Glass Roof Full Of Holes - Autoblog

JP89 — 5/22/2026 2:43:49 PM

[dimtint] The great Carnac predicts a memorial weekend friday night filing.

dimtint — 5/22/2026 9:41:35 AM

[dimtint] Hard to know about REFR. But Gauzy is going to nuke the equity imo. File the 6k,...

dimtint — 5/21/2026 1:21:54 PM

Hard to know about REFR. But Gauzy is going to nuke the equity imo. File the 6k, file the 20f, file the f1, start the ELC

[JP89] Oh yeah. Thanks for reminding me. How do you think the Gauz and REFR stocks will...

JP89 — 5/21/2026 1:19:41 PM

Oh yeah. Thanks for reminding me. How do you think the Gauz and REFR stocks will take the news?

[dimtint] according to the article Auger posted in full, OIC was the likely front runner. ...

dimtint — 5/21/2026 1:18:14 PM

according to the article Auger posted in full, OIC was the likely front runner. The ruling should be made public at some point and Gauzy will file a 6k in the next few days I imagine
Message #2056 from Auger50 at 5/12/2026 8:48:09 AM

"A Dismantling Would Result in Significant Value Destruction": Key Supplier to Airbus and Boeing, French Firm Vision Lite Faces Threat of Asset Stripping
Having entered court-supervised restructuring, aerospace and automotive supplier Vision Lite is set to learn its fate in the coming days following a hearing at the Lyon Commercial Court on Tuesday, May 12, 2026. Several prospective buyers are vying for all or part of the company, according to bids reviewed by *L’Usine Nouvelle*. The offer from the American investment fund OIC is reportedly the frontrunner.
Thibaut Chereau and Antoine Vermeersch
Published on May 11, 2026, at 5:00 AM

Share
Subscribers Only
Airbus Cockpit | Photo: Airbus
Having entered court-supervised restructuring on November 13, 2025, the French mid-sized enterprise Vision Lite stands as the global leader in sun protection systems for aircraft cockpits.
"Potential," "assets," "know-how," "recognized product quality"... Across the hundreds of pages comprising the takeover bids, there is no shortage of superlatives used to describe the value of the mid-sized enterprise Vision Lite. This French industrial jewel—the global leader in sun protection systems for aircraft cockpits—will face a battle for its survival this Tuesday, May 12, at the Lyon Commercial Court. From international players to French industrial firms, around ten companies are currently in the running to acquire all or part of the business, according to the bids reviewed by *L’Usine Nouvelle*.

Having entered court-supervised restructuring on November 13, 2025, this low-profile group—owned by the Israeli industrial firm Gauzy—operates a 21,000-square-meter facility in Brignais (Rhône) and employs 387 staff members. Running low on cash after suffering the fallout from Covid-19 and facing a difficult operational environment, the company was put up for sale in March 2026. "The real problem is that the business burns through a lot of cash," summarizes a source close to the matter. "Structured as it is, its economic model is unsustainable and cannot continue."

**Partnering with Company Executives, a US Fund Aims to Save Almost Everything**

In addition to a holding company with 48 employees dedicated to support functions, Vision Lite is divided into two entities: Vision Systems and Safety Tech. The former (195 employees; €29.6 million in revenue in 2023) claims, notably, over 95% of the global market for cockpit sun protection systems. Although these certified products do not account for the majority of its revenue, without them, commercial airliners (B777, A350, etc.) and business jets (Falcon 900, 5X, etc.) cannot take off. The subsidiary also manufactures dimmable windows and cabin shades. The group’s second entity, Safety Tech (144 employees; €28.3 million in revenue), manufactures smart mirrors and driver assistance systems for cars, trucks, and buses. It boasts 10,000 equipped vehicles worldwide and holds bespoke contracts with prestigious brands, such as Ferrari.

For several months, preserving the integrity of the group has been the top priority for Orion Infrastructure Capital (OIC), which has done everything in its power to prevent the sale. A minority shareholder (holding less than 5% of the equity) and financial backer of Gauzy, the US fund made two separate offers to inject six million dollars to save the French subsidiary. According to our information, this lifeline was conditional upon the departure of Eyal Peso—Gauzy’s CEO—who subsequently vetoed the proposal. "[OIC] is firmly convinced that a comprehensive takeover solution encompassing all three companies must be found to ensure their long-term viability," the investment fund states in a document submitted to the judges. "Given their inextricable operational and technological complementarity, [...] a company-by-company dismantling would result in significant value destruction."

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An Offer Backed by Management and Local Industrial Partners

To salvage the capital it invested in Vision Lite, the private equity fund has therefore submitted an initial bid to acquire the holding company, Vision Systems, and Safety Tech. The proposal entails retaining 245 employees—representing 64% of the workforce—and investing six million euros within the first three months, followed by an additional six million euros by 2028. "[OIC] estimates the capital requirements—covering working capital needs, the clearing of the order backlog, and the restoration of healthy relationships with customers and suppliers—at a minimum of seven million euros." This assessment aligns with the 7.2 million euros that the court-appointed administrators deemed necessary in early March.

...to finance the company over the coming months. The factory is operating at reduced capacity, kept afloat by its customers—who have stepped in over recent months by paying suppliers directly to prevent a halt in production and a shortage of parts.

According to our sources, this initial offer has evolved over the past few weeks; the OIC fund remains the majority acquirer, now allied with a dozen Vision Lite executives as well as two industrial groups—Mecapole and Inovelec, both Tier 1 suppliers to Airbus—along with a private industrial investor. The revised project plan calls for 30 million euros in investment to restart production. It also stands out as the most socially responsible offer, despite a proposed workforce reduction plan involving the elimination of 26 positions. The company would remain based in Brignais and would focus heavily on production to capitalize on its order book, currently estimated at 13 million euros. For this reason, it appears to be the preferred choice among the employees. "It ticks all the boxes," notes an internal source familiar with the negotiations.

**Several French Groups Show Interest in the Aerospace Division**

On the other side, the competing offers focus either on the aerospace sector or on the automotive sector. Clayens (projected revenue of 610 million euros in 2025, with 4,800 employees worldwide) has submitted a bid to acquire Vision Systems. This French engineering group has made aerospace a key strategic growth area, having completed approximately twenty corporate acquisitions over the past fifteen years. It plans to retain 152 employees and states that it will finance the necessary working capital and investment requirements for the takeover using its own equity—though no specific figures were cited in the offer document reviewed. Well-established in the growing market for cabin refurbishment—whether for wide-body aircraft or business jets—the Swiss firm Amac and the French company UDDS have each independently positioned themselves to acquire Vision Systems. The latter (1,190 employees and €102 million in revenue projected for 2025) has proposed retaining the 194 employees and injecting €15 million in equity capital by 2029, with the potential for an additional €30 million. "The company possesses solid expertise in designing and manufacturing high value-added products, but lacks the necessary resources to produce them on a large scale," states UDDS in its bid. Its strategy focuses notably on insourcing a portion of the manufacturing currently outsourced by Vision Systems, expanding after-sales services, and "building up inventories of catalog items at economical production costs." To regain the confidence of aircraft manufacturers, UDDS is considering exclusivity agreements based on firm delivery deadlines.

A Tier 1 supplier to Airbus, the Auvergne-based group Rexiaa (667 employees and €76 million in revenue in 2024) has also positioned itself to acquire the group's crown jewel. Specializing in metal and composite parts—primarily for the aerospace sector—it plans to retain 138 positions at Vision Systems and 5 within the holding company. Deeming the current facility outdated, it plans to relocate to a more suitable site in the medium term. Its business plan outlines a €21 million investment aimed at restoring the entity to financial equilibrium within three years by expanding its operations related to aircraft windows and helicopter components.

While Airbus stated in April that it was "working closely with the company throughout the proceedings," the European aircraft manufacturer appears to be keeping its distance from the various bidders, maintaining a neutral stance. "They are not intrusive at all," confirms a source with deep knowledge of the case. "There is very little interaction; they are merely observers of the proceedings."

"The employees have had enough; it has dragged on for too long."

On the automotive front, the Indian conglomerate Tata has signaled its interest through its subsidiary, Tata Auto Components. Having failed to submit a bid by the eve of the court hearing, the company reportedly requested an extension to flesh out its proposal. Other French industrial firms are also in the running, but the highly specialized nature of this niche sector makes acquiring the entire group an unappealing prospect. "It is built around electronics and artificial intelligence," notes a source close to a prospective buyer of the aerospace division. "We possess zero expertise in that area; it is something we do not master. We wouldn't be able to give the company the fresh start it needs, and we would only be putting ourselves at risk."

While awaiting the judges' decision, the company’s 387 employees remain in limbo. "We are anxious, and we fear falling back into the same old patterns—facing another round of layoffs in just two or three months," says one employee. "They’ve had enough; this whole process has dragged on far too long," summarizes a local source. "Now, a decision is truly needed—especially since the company has run out of cash." The court ruling is expected on May 19, a date intended to allow the company to regain some much-needed clarity regarding its future.

[JP89] So no one is taking over VS?

JP89 — 5/21/2026 1:10:09 PM

[dimtint] I couldn't access the ruling itself, just that it had happened and the LJ decisi...

dimtint — 5/21/2026 11:43:31 AM

I couldn't access the ruling itself, just that it had happened and the LJ decision which is judicial liquidation

this Role number: 2025F06409 gets into the court record, but not the ruling. The article I mentioned is the one Auger posted in full last week

Nature of the request
end of observation period

Case status
Case closed. Decision rendered.

Enrollment on
12/11/2025

Date of next hearing
18/05/2026

Bedroom
Chamber of Insolvency Proceedings

Hour
13:30

Judged
18/05/2026

Decision
LJ Transfer and Conversion Plan

[JoAnnBarbour] Couldn't read that article off the link you posted. Are you able to copy/paste i...

JoAnnBarbour — 5/21/2026 11:33:34 AM

Couldn't read that article off the link you posted. Are you able to copy/paste it here? I even tried to set up an account in order to read it but they wanted way too much information including my phone number. No thanks.

[dimtint] If we had an actual BOD, it would be time to replace Joe and Eyal and see if the...

dimtint — 5/21/2026 11:03:36 AM

If we had an actual BOD, it would be time to replace Joe and Eyal and see if the tech could make it under different leadership.

[dimtint] Seems like the continuation plan was not approved and probably the article is mo...

dimtint — 5/21/2026 10:33:33 AM

Seems like the continuation plan was not approved and probably the article is more correct. Of course this is the english translation. I assume a 6k is coming soon. Seems Gauzy will take a total write off. Not sure how this effect SPD aircraft sales through Vision

infogreffe.fr

Chamber of Insolvency Proceedings

Hour
13:30

Judged
18/05/2026

Decision
LJ Transfer and Conversion Plan

The law firm BCM, represented by Attorney Eric BAULAND or Attorney Alain NIOGRET / The company VISION SYSTEMS
Registry of the Economic Activities Court of Lyon

Role number:
2025F06409

Affair Documents Historical Procedure timeline

Type of procedure
Collective proceedings

Nature of the request
end of observation period

Case status
Case closed. Decision rendered.

Enrollment on
12/11/2025

Date of next hearing
18/05/2026

Bedroom
Chamber of Insolvency Proceedings

Hour
13:30

Judged
18/05/2026

Decision
LJ Transfer and Conversion Plan

Parts

APPLICANTS
The law firm BCM, represented by Maître Eric BAULAND or Maître Alain NIOGRET,
832377691
, 40 RUE DE BONNEL , 69003 LYON

See company profile

APPLICANTS
SELARL FHBX
491975041
24 RUE CHILDEBERT , 69002 LYON

See company profile

DEFENDANTS
VISION SYSTEMS, located at
378956601
ROUTE D'IRIGNY , 69530 BRIGNAIS, France

See company profile

McDermott Will & Schulte

LAWYER

Documents

View delivery charges

+

Judgement

Price excluding VAT
Electronic format

Number of printed copies

Historical

DateDecision

18/05/2026LJ Transfer and Conversion Plan
11/05/2026Case adjourned for deliberation (postponed until 18/05/2026).
13/04/2026Judgment ordering the continuation of the observation period.
13/04/2026Case adjourned for deliberation at the end of the hearing (postponed to 11/05/2026).
16/03/2026Hearing adjournment to be specified (adjourned to 13/04/2026).

Procedure timelineData not provided

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[DashernComet] There was a very nice interview on CNBC with the CEO of Mercedes that featured ...

DashernComet — 5/21/2026 12:20:47 AM

There was a very nice interview on CNBC with the CEO of Mercedes that featured the car you referenced.
Car sounds quite impressive. (electric, so ther isnt a sound!) Clearly doesn’t have SPD. But a very large glass roof.
But Joe claims he has a close working relationship with Mercedes. When was it, again, the last time Mercedes had an SPD roof?
So, as I have asked for years; “What is the matter with SPD?” Why hasn’t SPD ever successfully launched? Low production units don’t move the needle. So what was the revenue for Q4 2025? $130,000.00? That is at best, Minimum Annual License fees. Doesn’t show any evidence of Royalty revenue. Which reasonably suggests that no film was produced or invoiced in the 4th quarter.
I’m not convinced that supply chain issues are the problem. I don’t believe it is a price issue.
Recently I was at a Lamborghini dealership. The salesman was someone I was familiar with from a nearby Ferrari dealer. I asked him about the Purosangue, and the SPD roof. He quickly stated “If you are in the back seat, the SPD does not block the heat from the Sun”.
But, it is a lot of glass! And the dealership was south of the Mason-Dixon Line where the Sun does shine!
So what is the problem with SPD? Why doesn’t anybody get “It”? Why has Mercedes abandoned SPD?
Oh, and the Lamborghini Urus is about 1/2 the cost of the Purosangue. And it is faster! And that matters!
Oh, and then there is the matter of the only company that produces SPD film. Any visible problems there? Or is the SPD glass too dark to be able to see through?

But the short interest is down.
But the SP on REFR & GAUZ are both about 70 cents. Not a lot of room to win on a Short position.
I guess I was right about this poor company 20 years ago. I was wrong only about JH’s tenacity in keeping this “Dead Man Walking”. Eventually, JH won’t care.