Co-founder officially drops bid for BlackBerry

Mike Lazaridis

Mike Lazaridis, a BlackBerry co-founder and former co-CEO, has formally abandoned his plans to obtain the company via a joint bid with a fellow co-founder. In dissolving the program, Lazaridis’ stake in the sagging company is now 4.99 p.c.

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Lazaridis made his decision public in Tuesday’s Securities and Change Commission submission. Below the now-defunct plan announced in October, Lazaridis and fellow co-founder Douglas Frewin had combined stakes to reach eight % complete possession. They mentioned they have been considering a purchase order of the company. Last month, then again, BlackBerry took itself off the market, and new management is attempting to turn the company around.

These 12 months have been an especially arduous one for BlackBerry. After lagging further behind the competition, the corporation positioned its final-ditch hopes on two new smartphones, each failing to shop the company. BlackBerry lost $four. Four billion in essentially the most contemporary quarter.