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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d)
of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 8, 2023
Vislink
Technologies, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-35988 |
|
20-5856795 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(I.R.S.
Employer
Identification No.) |
350
Clark Drive, Suite 125
Mt.
Olive, NJ 07828
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: (908)-852-3700
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.00001 per share |
|
VISL |
|
The
Nasdaq Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 |
Results
of Operations and Financial Conditions. |
On
November 8, 2023, Vislink Technologies, Inc. (the “Company” or “Vislink”) issued a press release, a copy of which
is furnished herewith as Exhibit 99.1, announcing the Company’s financial results for the quarter ended September 30, 2023 (the
“Press Release”).
The
information contained in Item 2.02 of this Current Report on Form 8-K, including the Press Release, shall not be deemed “filed”
for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section
or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, this information shall not be deemed incorporated
by reference into any of the Company’s filings with the Securities and Exchange Commission, except as shall be expressly set forth
by specific reference in any such filing.
Cautionary
Note Regarding Forward-Looking Statements
Certain
statements in this communication and the Press Release are forward-looking statements that involve substantial risks and uncertainties
for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995.
The
Press Release contains forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided
by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact included in the Press
Release, including those regarding the Company’s strategy, the ability to meet the Nasdaq minimum bid price requirement as a result
of the proposed reverse split, future operations, future financial position, effects of any contemplated cost-savings measures, changes
to its product offerings or changes to its lines of business, projected expenses, prospects, plans, objectives of management, new product
launches, expected contract values, and expected market opportunities across the Company’s operating segments, the effects of the
COVID-19 pandemic, the sufficiency of the Company’s capital resources to fund the Company’s operations and any statements
regarding future results are forward-looking statements. Vislink may not actually achieve the plans, carry out the intentions or meet
the expectations or projections disclosed in any forward-looking statements such as the foregoing and you should not place undue reliance
on such forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties,
including those discussed in Vislink’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC
on March 31, 2023.
The
statements made in this Current Report on Form 8-K and the Press Release speak only as of the date stated herein, and subsequent events
and developments may cause the Company’s expectations and beliefs to change. While the Company may elect to update these forward-looking
statements publicly at some point in the future, the Company specifically disclaims any obligation to do so, whether as a result of new
information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing
the Company’s views as of any date after the date stated herein.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
VISLINK
TECHNOLOGIES, INC. |
Date:
November 8, 2023 |
|
|
|
By: |
/s/
Carleton M. Miller |
|
Name: |
Carleton
M. Miller |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
Vislink
Reports Third Quarter 2023 Financial and Operational Results
Bolstered
Leading Position in Airborne Video Downlink Systems (AVDS) Market through Acquisition of Broadcast Microwave Services Assets
Core
MilGov Segment Revenue Increases 34% Year-Over-Year, Reaching $3.5 Million for the First Nine Months
Q3
Net Loss Improves 28% Year-Over-Year
Mt.
Olive, NJ — November 8, 2023 — Vislink Technologies, Inc. (“Vislink” or the “Company”) (Nasdaq:
VISL), a global technology leader in the capture, delivery, and management of high quality, live video and associated data in the
media and entertainment, law enforcement, and defense markets, today reported results for the third quarter ended September 30, 2023.
Third
Quarter 2023 and Recent Operational Highlights
| ● | Acquired
the assets of Broadcast Microwave Services (BMS), expanding Vislink’s market-leading
position in the AVDS market. This strategic move opened valuable opportunities to introduce
and promote the Company’s best-in-class AVDS products to BMS’ extensive customer
network of end customers and OEMs. |
| | |
| ● | Secured
a $1.8 million agreement with ASPIRE for the A2RL Autonomous Race Series. Vislink,
in partnership with FocalPoint VR, ensures reliable, low-latency video for real-time cockpit
views at the track and at home. Vislink facilitates crucial data communication between the
race cars and their control systems and generates recurring revenue from an annual service-level
agreement. |
| | |
| ● | Unveiled
revolutionary bonded cellular transmitter, WMT LiveLink. Recipient of the IBC TVB
Europe - Best of Show award, WMT LiveLink is the most compact and power-efficient unit on
the market and is driving demand across Vislink’s MilGov and Live production end markets. |
| | |
| ● | Expanded
distribution footprint through strategic partnership with JB&A, the leading distributor
of audiovisual solutions in the U.S. JB&A will offer Vislink’s solutions
to broadcasters and content creators nationwide, amplifying Vislink’s presence in the
U.S. broadcast and video markets. |
| | |
| ● | Expanded
LinkMatrix™ capability to Amazon Web Services (AWS), delivering essential insights
for enhancing remote production workflows. The integration facilitates improved responsiveness
and seamless collaboration, necessary for live broadcasts and efficient field operations
within the public safety market. |
Management
Commentary
“During
Q3, we continued our expansion into the growing global public safety market, highlighted by our recent acquisition of BMS assets,”
said Vislink CEO Mickey Miller. “The strategic move not only broadened Vislink’s reach across OEMs and end customers, including
key players in drone communications and control networks – an emerging growth market – but also positioned us to accelerate
our topline in the near term. BMS further reinforces Vislink’s position as a leader in the AVDS market, bolstering our confidence
in expanding our MilGov customer base.
“Our
robust, vetted sales funnel is aligned well with our strategically constructed product portfolio. Building on our best-in-class AVDS
products, LiveLink represents a pivotal step in expanding our presence across the Live Production and MilGov segments. The solution seamlessly
transforms remote video transmission for broadcast crews and public safety agencies. Combined with our LinkMatrix solution, it forms
a comprehensive, all-encompassing workflow management platform, enhancing operational efficiency and unlocking valuable recurring revenue
streams.
“Financially,
in the third quarter, we experienced a sequential rebound in revenue, and our ongoing cost-management measures drove year-over-year profitability
improvements. Looking ahead, we see a transformed business with a lowered breakeven point, poised to continue innovating and meeting
the demands of our expanded global customer base. Our ongoing exploration of strategic acquisition opportunities within the public safety
market reflects our commitment to accelerating our growth trajectory and organizational scale.”
Third
Quarter 2023 Financial Results
| ● | Revenue
was $7.2 million compared to $7.1 million in the prior year period. |
| | |
| ● | Gross
margin increased to 54%, up from 49% in the prior year period. |
| | |
| ● | Net
loss attributable to common shareholders totaled $(2.0) million, or $(0.83) per share, an
improvement compared to $(2.7) million, or $(1.16) per share, in the prior year period. |
| | |
| ● | EBITDA
(earnings before interest, taxes, depreciation, and amortization) totaled $(1.4) million,
an improvement compared to $(4.7) million in the prior year period. |
| ● | Cash
and cash equivalents were $7.2 million at September 30, 2023. The Company had $10.9 million
allocated to treasury bonds intended to be held to maturity. Cash burn in the third quarter
was primarily influenced by the low revenue volume experienced in the second quarter. Additionally,
around $5 million of shipments in the third quarter were delivered during the final two weeks
of Q3, resulting in cash collection being deferred to the fourth quarter. The Company is
focused on improving cash performance in the fourth quarter and in 2024. |
Conference
Call
Management
will host a conference call today, November 8, 2023, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its financial results
for the third quarter ended September 30, 2023.
Vislink
management will host the presentation, followed by a question-and-answer period.
Toll-Free
Number: 1-833-953-2432
International
Number: 1-412-317-5761
Webcast:
Click here to register
Please
register online at least 10 minutes before the start time (although you may register, dial in, or access the webcast anytime during the
call). If you have difficulty registering or connecting to the conference call, please contact Gateway Group at 949-574-3860.
The
conference call will be broadcast live here and available for replay via the Investor Relations section of Vislink’s website.
A
replay of the conference call will be available after 7:30 p.m. Eastern Time on the same day through Wednesday, November 22, 2023.
Toll-Free
Replay Number: 1-877-344-7529
International
Replay Number: 1-412-317-0088
Replay
ID: 7404536
Non-GAAP
Financial Measure: EBITDA
To
supplement our financial results presented in accordance with Generally Accepted Accounting Principles (GAAP), we are presenting EBITDA
in this earnings release and the related earnings conference call. EBITDA is a non-GAAP financial measure that is not based on any standardized
methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies. We define
EBITDA as our net income (loss), excluding the impact of depreciation and amortization expense and interest income and tax). We have
presented EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our operating performance,
establish budgets, and develop operational goals for managing our business. In particular, we believe that excluding the impact of these
expenses in calculating EBITDA can provide a useful measure for period-to-period comparisons of our core operating performance. A reconciliation
of non-GAAP EBITDA to GAAP net loss appears in the financial tables accompanying this press release as set forth below.
Note
on Forward-looking Statements
Certain
statements in this press release are forward-looking statements that involve substantial risks and uncertainties for purposes of the
safe harbor provided by the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking statements
that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform
Act of 1995. Any statements, other than statements of historical fact included in this press release, including those regarding the Company’s
strategy, future operations, future revenues, growth, profitability results, and financial position, risks of supply chain constraints
and inflationary pressures, projected expenses, prospects, plans including footprint and technology asset consolidations, objectives
of management, new capabilities, product and solutions launches including AI-assisted and 5G streaming technologies, expected contract
values, projected pipeline sales opportunities and transactions in our sales pipeline, Q4 cash collection and revenue from late Q3 orders,
acquisitions integration including the recently acquired BMS assets, cost savings, and expected market opportunities across the Company’s
operating segments including the live event production market, the effects of the COVID-19 pandemic, the sufficiency of the Company’s
capital resources to fund the Company’s operations and any statements regarding future results are forward-looking statements.
Vislink may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in any forward-looking
statements such as the foregoing, and you should not place undue reliance on such forward-looking statements. Such statements are based
on management’s current expectations and involve risks and uncertainties, including those discussed in Vislink’s Annual Report
on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on March
31, 2023, and in subsequent filings with, or submissions to, the SEC from time to time.
The
statements made in this press release speak only as of the date stated herein, and subsequent events and developments may cause the Company’s
expectations and beliefs to change. While the Company may elect to update these forward-looking statements publicly at some point in
the future, the Company specifically disclaims any obligation to do so, whether as a result of new information, future events, or otherwise,
except as required by law. These forward-looking statements should not be relied upon as representing the Company’s views as of
any date after the date stated herein.
About
Vislink Technologies, Inc.
Vislink
Technologies is a global technology leader in capturing, delivering and managing high-quality live video and associated data. With a
renowned heritage in video communications encompassing over 50 years, Vislink has revolutionized live video communications by delivering
the highest-quality video from the scene, even in the most challenging transmission conditions—enabling broadcasters and public
safety agencies to capture and share live video seamlessly and securely. Through its Mobile Viewpoint product lines, Vislink also provides
live streaming solutions using bonded cellular, 5G, and AI-driven technologies for automated news and sports productions. Vislink’s
shares of common stock are publicly traded on the Nasdaq Capital Market under the ticker symbol “VISL.” For more information,
visit www.vislink.com.
Media
Contact:
Nicole Rosen
D. Pagan Communications
nicoler@dpagan.com
Investor
Relations Contact:
Matt Glover and Alec Wilson
Gateway
Group, Inc.
VISL@gateway-grp.com
-Financial
Tables to Follow-
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(IN
THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
(unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 7,240 | | |
$ | 25,627 | |
Accounts receivable, net | |
| 7,407 | | |
| 6,007 | |
Inventories, net | |
| 13,537 | | |
| 12,021 | |
Investments held to maturity | |
| 10,920 | | |
| — | |
Prepaid expenses and other current assets | |
| 2,033 | | |
| 1,232 | |
Total current assets | |
| 41,137 | | |
| 44,887 | |
Right of use assets, operating leases | |
| 716 | | |
| 1,075 | |
Property and equipment, net | |
| 1,762 | | |
| 1,434 | |
Intangible assets, net | |
| 4,156 | | |
| 4,400 | |
Total assets | |
$ | 47,771 | | |
$ | 51,796 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable | |
$ | 3,131 | | |
$ | 2,626 | |
Accrued expenses | |
| 1,807 | | |
| 1,568 | |
Notes payable | |
| 199 | | |
| 84 | |
Operating lease obligations, current | |
| 372 | | |
| 455 | |
Customer deposits and deferred revenue | |
| 2,205 | | |
| 1,540 | |
Total current liabilities | |
| 7,714 | | |
| 6,273 | |
Operating lease obligations, net of current portion | |
| 823 | | |
| 1,107 | |
Deferred tax liabilities | |
| 600 | | |
| 764 | |
Total liabilities | |
| 9,137 | | |
| 8,144 | |
| |
| | | |
| | |
Commitments and contingencies (See Note 13) | |
| | | |
| | |
Series A Preferred stock, $0.00001 par value per share: -0- shares authorized on September 30, 2023, and December 31, 2022, respectively; -0- and 47,419 shares issued and outstanding on September 30, 2023, and December 31, 2022, respectively. | |
| — | | |
| — | |
Stockholders’ equity | |
| | | |
| | |
Preferred stock, $0.00001 par value per share: 10,000,000 shares authorized on September 30, 2023, and December 31, 2022, respectively | |
| — | | |
| — | |
Common stock, $0.00001 par value per share, 100,000,000 shares authorized on September 30, 2023, and December 31, 2022, respectively: Common stock, 2,387,596 and 2,367,362 were issued, and 2,387,463 and 2,367,229 were outstanding on September 30, 2023, and December 31, 2022, respectively. | |
| — | | |
| — | |
Additional paid-in capital | |
| 347,165 | | |
| 345,365 | |
Accumulated other comprehensive loss | |
| (1,401 | ) | |
| (1,337 | ) |
Treasury stock, at cost – 133 shares as of September 30, 2023, and December 31, 2022, respectively | |
| (277 | ) | |
| (277 | ) |
Accumulated deficit | |
| (306,853 | ) | |
| (300,099 | ) |
Total stockholders’ equity | |
| 38,634 | | |
| 43,652 | |
Total liabilities and stockholders’ equity | |
$ | 47,771 | | |
$ | 51,796 | |
VISLINK
TECHNOLOGIES, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(IN THOUSANDS EXCEPT NET LOSS PER SHARE DATA)
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenue, net | |
$ | 7,179 | | |
$ | 7,123 | | |
$ | 19,410 | | |
$ | 20,749 | |
Cost of revenue and operating expenses | |
| | | |
| | | |
| | | |
| | |
Cost of components and personnel | |
| 3,302 | | |
| 3,616 | | |
| 8,977 | | |
| 10,225 | |
Inventory valuation adjustments | |
| 176 | | |
| 207 | | |
| 480 | | |
| 404 | |
General and administrative expenses | |
| 4,793 | | |
| 4,624 | | |
| 14,500 | | |
| 13,973 | |
Research and development expenses | |
| 805 | | |
| 885 | | |
| 2,480 | | |
| 3,154 | |
Impairment on right-of-use assets | |
| 83 | | |
| 88 | | |
| 83 | | |
| 88 | |
Amortization and depreciation | |
| 311 | | |
| 502 | | |
| 913 | | |
| 1,424 | |
Total cost of revenue and operating expenses | |
| 9,470 | | |
| 9,922 | | |
| 27,433 | | |
| 29,268 | |
Loss from operations | |
| (2,291 | ) | |
| (2,799 | ) | |
| (8,023 | ) | |
| (8,519 | ) |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Unrealized loss on investments held to maturity | |
| (4 | ) | |
| — | | |
| (67 | ) | |
| — | |
Gain on settlement of debt | |
| — | | |
| 17 | | |
| — | | |
| 26 | |
Other income | |
| (36 | ) | |
| (9 | ) | |
| 294 | | |
| 307 | |
Dividend income | |
| 104 | | |
| — | | |
| 323 | | |
| — | |
Interest income, net | |
| 202 | | |
| (3 | ) | |
| 555 | | |
| (8 | ) |
Total other income (expense) | |
| 266 | | |
| 5 | | |
| 1,105 | | |
| 325 | |
Net loss before income taxes | |
| (2,025 | ) | |
| (2,794 | ) | |
| (6,918 | ) | |
| (8,194 | ) |
Income taxes | |
| | | |
| | | |
| | | |
| | |
Deferred tax benefits | |
| 55 | | |
| 54 | | |
| 164 | | |
| 161 | |
Net loss | |
$ | (1,970 | ) | |
$ | (2,740 | ) | |
$ | (6,754 | ) | |
$ | (8,033 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted loss per share | |
$ | (0.83 | ) | |
$ | (1.16 | ) | |
$ | (2.84 | ) | |
$ | (3.46 | ) |
Weighted average number of shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 2,382 | | |
| 2,370 | | |
| 2,377 | | |
| 2,322 | |
Comprehensive loss: | |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (1,970 | ) | |
$ | (2,740 | ) | |
$ | (6,754 | ) | |
$ | (8,033 | ) |
Unrealized gain (loss) on currency translation adjustment | |
| (364 | ) | |
| 746 | | |
| (64 | ) | |
| 1,885 | |
Comprehensive loss | |
$ | (2,334 | ) | |
$ | (1,994 | ) | |
$ | (6,818 | ) | |
$ | (6,148 | ) |
Reconciliation
of GAAP to Non-GAAP Results
VISLINK
TECHNOLOGIES, INC.
RECONCILIATION OF GAAP to NON-GAAP RESULTS
QUARTER ENDING September 30, 2023
(IN THOUSANDS)
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Reconciliation of net income to EBITDA | |
| | |
| | |
| | |
| |
Net loss | |
$ | (1,970 | ) | |
$ | (2,740 | ) | |
$ | (6,754 | ) | |
$ | (8,033 | ) |
Amortization and depreciation | |
| 311 | | |
| 502 | | |
| 913 | | |
| 1,424 | |
Dividend income | |
| (104 | ) | |
| - | | |
| (323 | ) | |
| - | |
Interest income, net | |
| (202 | ) | |
| 3 | | |
| (555 | ) | |
| 8 | |
Tax | |
| (55 | ) | |
| (54 | ) | |
| (164 | ) | |
| (161 | ) |
EBITDA | |
$ | (2,020 | ) | |
$ | (2,289 | ) | |
$ | (6,883 | ) | |
$ | (6,762 | ) |
Stock based compensation | |
| 343 | | |
| 315 | | |
| 1,600 | | |
| 1,470 | |
Severance | |
| 182 | | |
| - | | |
| 541 | | |
| 25 | |
Impairment | |
| 83 | | |
| 88 | | |
| 83 | | |
| 88 | |
Inventory step up | |
| - | | |
| - | | |
| - | | |
| 516 | |
EBITDA Non-GAAP Adjusted | |
$ | (1,412 | ) | |
$ | (1,886 | ) | |
$ | (4,659 | ) | |
$ | (4,663 | ) |
v3.23.3
Cover
|
Nov. 08, 2023 |
Cover [Abstract] |
|
Document Type |
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|
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false
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Document Period End Date |
Nov. 08, 2023
|
Entity File Number |
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|
Entity Registrant Name |
Vislink
Technologies, Inc.
|
Entity Central Index Key |
0001565228
|
Entity Tax Identification Number |
20-5856795
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
350
Clark Drive
|
Entity Address, Address Line Two |
Suite 125
|
Entity Address, City or Town |
Mt.
Olive
|
Entity Address, State or Province |
NJ
|
Entity Address, Postal Zip Code |
07828
|
City Area Code |
(908)
|
Local Phone Number |
852-3700
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|
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|
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|
Trading Symbol |
VISL
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
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