01:05 PM EDT, 09/20/2024 (MT Newswires) -- Urgent.ly ( ULY ) said Friday it completed the divestiture of its The Floow unit, a connected insurance technology provider.

The company said it returned 51% ownership to The Floow's founding management and retained a 49% stake and a perpetual royalty-free license for The Floow's technology.

The transaction doesn't affect The Floow's operations, according to Urgent.ly ( ULY ).

Shares of Urgent.ly ( ULY ) were down 4.3% in recent trading.

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