SAN JOSE, Calif., Dec. 16, 2020 /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 that,
effective December 11, 2020, it
entered into a second amendment (the "Second Amendment") to its
amended and restated credit facility, dated as of December 21, 2018 (as amended, the "Credit
Agreement") to extend the maturity date and decrease the interest
rate.
The Second Amendment extends the maturity date from September 28, 2021 to September 28, 2022. The previous interest rate
was the greater of (i) 0.50% above the Prime Rate or (ii) 5.50%.
The Second Amendment reduces the interest to be equal to 0.50%
above the Prime Rate.
"We are pleased to extend our credit facility at a reduced rate
and appreciate the continued support of Heritage Bank of Commerce
to allow us to focus on operating the business. The maturity
extension and interest rate improvement are expected to provide
both an immediate benefit while supporting our long-term growth
objectives as we focus on achieving profitability before the end of
2021," said Chief Financial Officer Sue
Cheung.
Additional details on the terms of the amendment are available
in the 8-K filed with the Securities and Exchange Commission on
December 16, 2020.
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 newly acquired 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, please note that the date
of this press release is December 16,
2020, and 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 the QuickLogic logo are registered trademarks
of QuickLogic Corporation. All other brands or trademarks are the
property of their respective holders and should be treated as
such.
CODE: QUIK-E
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SOURCE QuickLogic Corporation