- Funds will strengthen the Company's balance sheet and working
capital to support continued growth and profitability objectives,
including the hiring of additional engineers
- Shares purchased by current institutional investors
SAN
JOSE, Calif., Sept. 20,
2022 /PRNewswire/ -- QuickLogic Corporation (NASDAQ:
QUIK) ("QuickLogic" or the "Company"), a developer of ultra-low
power multi-core voice enabled SoCs, embedded FPGA IP, and Endpoint
AI solutions, today announced current institutional investors have
purchased 487,279 registered shares, or about 3.9 percent of the
shares outstanding as of September 14,
2022, raising gross proceeds of approximately $3.2 million, at a price for each
share of $6.57, in a registered
direct offering. The offering was made without an underwriter or
placement agent.
"We are fortunate to have the continued financial support from
long-time shareholders that understand the tremendous opportunity
in front of us to build upon our 30-years of expertise in
delivering FPGA technology," said Brian
Faith president and CEO of QuickLogic. "Their offer to
invest in QuickLogic amidst challenging market conditions is
invaluable and will enable us to execute on our nearly $100 million sales funnel as we drive the
business to profitability."
A shelf registration statement was previously filed with the
Securities and Exchange Commission ("SEC") and is effective. A
prospectus supplement and accompanying prospectus describing the
terms of the registered direct offering will be filed with the SEC.
Copies of the prospectus supplement and the accompanying prospectus
relating to the shares to be issued in the registered direct
offering may be obtained for free by visiting the SEC's website at
www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities in the offering, nor
will there be any sale of these securities in any jurisdiction in
which an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
jurisdiction.
About QuickLogic
QuickLogic is a fabless semiconductor company that develops low
power, multi-core semiconductor platforms and Intellectual Property
(IP) for Artificial Intelligence (AI), voice and sensor processing.
The solutions include an embedded FPGA IP (eFPGA) for hardware
acceleration and pre-processing, and heterogeneous multi-core SoCs
that integrate eFPGA with other processors and peripherals. The
Analytics Toolkit from the Company's wholly owned subsidiary,
SensiML Corporation, completes the end-to-end solution with
accurate sensor algorithms using AI technology. The full range of
platforms, software tools and eFPGA IP enables the practical and
efficient adoption of AI, voice and sensor processing across the
multitude of mobile, wearable, hearable, consumer, industrial, edge
and endpoint IoT applications. For more information,
visit www.quicklogic.com and https://www.quicklogic.com/blog/.
QuickLogic uses its website (www.quicklogic.com), the company
blog (https://www.quicklogic.com/blog/), corporate Twitter account
(@QuickLogic_Corp), Facebook page
(https://www.facebook.com/QuickLogic), and LinkedIn page
(https://www.linkedin.com/company/13512/) as channels of
distribution of information about its products, its planned
financial and other announcements, its attendance at upcoming
investor and industry conferences, and other matters. Such
information may be deemed material information, and QuickLogic may
use these channels to comply with its disclosure obligations under
Regulation FD. Therefore, investors should monitor the Company's
website and its social media accounts in addition to following the
Company's press releases, SEC filings, public conference calls, and
webcasts.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements include, without limitation,
expectations regarding our future business, and actual results may
differ due to a variety of factors including: delays in the market
acceptance of the Company's new products; the ability to convert
design opportunities into customer revenue; our ability to replace
revenue from end-of-life products; the level and timing of customer
design activity; the market acceptance of our customers' products;
the risk that new orders may not result in future revenue; our
ability to introduce and produce new products based on advanced
wafer technology on a timely basis; our ability to adequately
market the low power, competitive pricing and short time-to-market
of our new products; intense competition by competitors; our
ability to hire and retain qualified personnel; our ability to
capitalize on synergies with our subsidiary SensiML Corporation;
changes in product demand or supply; general economic conditions;
political events, international trade disputes, natural disasters
and other business interruptions that could disrupt supply or
delivery of, or demand for, the Company's products; the
unpredictable and ongoing impact of the COVID-19 pandemic; and
changes in tax rates and exposure to additional tax liabilities.
These and other potential factors and uncertainties that could
cause actual results to differ materially from the results
contemplated or implied are described in more detail in the
Company's public reports filed with the Securities and Exchange
Commission (the "SEC"), including the risks discussed in the "Risk
Factors" section in the Company's Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q and in the Company's prior
press releases, which are available on the Company's Investor
Relations website at http://ir.quicklogic.com/ and on the SEC
website at www.sec.gov. In addition any forward-looking
statements contained herein are based on assumptions that we
believe to be reasonable as of this date. We undertake no
obligation to update these statements as a result of new
information or future events.
QuickLogic and logo are registered trademarks of QuickLogic.
All other trademarks are the property of their respective holders
and should be treated as such.
CODE: QUIK-E
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SOURCE QuickLogic Corporation