CID Holdco, Inc. entered into two non-binding letters of intent for proposed transactions as part of its review of strategic alternatives. The company entered into a non-binding letter of intent with an investor for an up to $5.0 million convertible preferred stock investment and a separate non-binding letter of intent for the sale of a portion of its operating business for approximately $6.0 million in cash and the assumption of up to $3.0 million in existing liabilities. CID Holdco, Inc. operates in the technology sector and provides various strategic business solutions.
