SAN
JOSE, Calif., Dec. 12,
2023 /PRNewswire/ -- QuickLogic Corporation (NASDAQ:
QUIK) ("QuickLogic" or the "Company"), a developer of embedded
FPGA (eFPGA) IP, ruggedized FPGAs and Endpoint AI solutions, today
announced that, effective December 8,
2023, it entered into a seventh amendment (the "Seventh
Amendment") to its amended and restated credit facility, dated as
of December 21, 2018 (as amended, the
"Credit Agreement") to increase the line of credit and extend the
maturity date.
The Seventh Amendment increases the credit facility from
$15M to $20M and extends the maturity date from
December 31, 2024 to December 31, 2025.
Mike Hansen, Senior Vice
President of Heritage Bank, commented, "We are pleased to be able
to increase our commitment to QuickLogic and have greatly
appreciated our long-term partnership with the Company."
"We are pleased to have the continued support of Heritage Bank,"
said Chief Financial Officer, Elias
Nader. "Increasing our credit facility provides us with
enhanced operational flexibility for our business needs while
recognizing our solid financial results and improving business
outlook."
Additional details on the terms of the amendment are available
in the 8-K filed with the Securities and Exchange Commission on
December 12, 2023.
About QuickLogic
QuickLogic is a fabless semiconductor company that develops
innovative embedded FPGA (eFPGA) IP, discrete FPGAs, and FPGA SoCs
for a variety of industrial, aerospace and defense, edge and
endpoint AI, consumer, and computing applications. Our wholly owned
subsidiary, SensiML Corporation, completes the end-to-end solution
portfolio with AI / ML software that accelerates AI at the
edge/endpoint. For more information, visit www.quicklogic.com.
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 effects from 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 12, 2023, and any
forward-looking statements contained herein are based on
assumptions that we believe to be reasonable as of this date. We
are not obliged to update these statements due to latest
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