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Subsequent Events
6 Months Ended
Oct. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

(19) Subsequent Events

 

On November 15, 2021, the Company acquired all of the outstanding equity interest of Marine Advanced Robotics, Inc. (“MAR”), a Richmond (San Francisco Bay Area), California-based developer and manufacturer of autonomous surface vehicles (ASVs).

 

The Company paid $11.0 million at closing, consisting of $4.0 million in cash and $7.0 million in common stock (3,330,162 shares). Additional earn-out opportunities for the selling shareholders of MAR exist based on revenue performance through April 2023. The MAR management team and employees have joined the Company and MAR continues to operate under its current brand name as a wholly owned subsidiary of the Company.