SUNNYVALE, Calif., May 24, 2018 /PRNewswire/ -- QuickLogic
Corporation (NASDAQ:QUIK) ("QuickLogic" or the "Company"), a
developer of ultra-low power multi-core voice enabled SoCs,
embedded FPGA IP, display bridge and programmable logic solutions,
today announced the pricing of its previously announced
underwritten public offering of 13,513,510 shares of its common
stock and corresponding warrants to purchase up to 5,405,404 shares
of its common stock. The shares of common stock and corresponding
warrants are being sold in combination, with one warrant to
purchase 0.4 of a share of common stock for each share of common
stock sold. The warrants will have an exercise price of
$1.38 per share of common stock and a
term of five years, exercisable upon the date of issuance. The
aggregate public offering price for each share of common stock and
corresponding warrant is $1.15. All
securities to be sold in the offering were offered by the
Company.
The Company expects to close the offering on or about
May 29, 2018, subject to the
satisfaction of customary closing conditions. The gross proceeds
from this offering are expected to be approximately $15.5 million, assuming none of the corresponding
warrants issued in this offering are exercised. The Company intends
to use the net proceeds from the offering for working capital, the
development of next generation new products and general corporate
purposes. The Company may also use a portion of the net proceeds to
acquire and/or license technologies and acquire and/or invest in
businesses when the opportunity arises; however, the Company
currently has no commitments or agreements and is not involved in
any negotiations with respect to any such transactions.
There is no established public trading market for the warrants
and the Company does not expect a market to develop.
Additionally, the Company does not intend to apply for the listing
of the warrants on any national securities exchange or other
nationally recognized trading system.
Craig-Hallum Capital Group is acting as the sole book-running
manager for the proposed offering. Roth Capital Partners and The
Benchmark Company are acting as co-managers for the proposed
offering.
A shelf registration statement on Form S-3 (File No. 333-215030)
relating to the securities being offered has been declared
effective by the Securities and Exchange Commission ("SEC"). This
offering may only be made by means of a prospectus supplement and
the accompanying prospectus. The preliminary prospectus supplement
related to the offering was filed with the SEC on May 23, 2018. The final prospectus supplement and
accompanying prospectus will be filed with the SEC and, when
available, may be obtained by visiting EDGAR on the SEC's website
at www.sec.gov; or from Craig-Hallum Capital Group LLC, 222 South
Ninth Street, Suite 350, Minneapolis,
MN 55402, by telephone at 612-334-6300, or by email at
prospectus@chlm.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities in this offering.
There shall not be any sale of these securities in any state or
jurisdiction in which such offering, sale or solicitation would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About QuickLogic
QuickLogic Corporation (NASDAQ: QUIK)
enables OEMs to maximize battery life for highly differentiated,
immersive user experiences with Smartphone, Wearable and IoT
devices. QuickLogic delivers these benefits through industry
leading ultralow power customer programmable SoC semiconductor
solutions, embedded software, and algorithm solutions for always-on
voice and sensor processing. The Company's embedded FPGA initiative
also enables SoC designers to easily implement post production
changes, and increase revenue by providing hardware programmability
to their end customers. For more information about QuickLogic,
visit www.quickloqic.com.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
This press release contains statements
that are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These include
statements regarding, but not limited to, the anticipated closing
of the offering and the expected uses of the proceeds from the
offering. Forward-looking statements can be identified by the use
of words such as "may," "will," "plan," "should," "expect,"
"anticipate," "estimate," "continue" or comparable terminology.
Such forward-looking statements are inherently subject to certain
risks, trends and uncertainties, including market conditions and
future decisions regarding the Company's use of cash resources,
many of which the Company cannot predict with accuracy and some of
which the Company might not even anticipate, and involve factors
that may cause actual results to differ materially from those
projected or suggested. Readers are cautioned not to place undue
reliance on these forward-looking statements and are advised to
consider the factors listed above together with the additional
factors under the heading "Forward-Looking Statements" and "Risk
Factors" in the Company's Annual Reports on Form 10-K, as may be
supplemented or amended by the Company's Quarterly Reports on Form
10-Q. The Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events, new information or otherwise.
Code: QUIK-G
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SOURCE QuickLogic Corporation