Reaches Agreement with Lion Point Capital and
Adds Three New Highly Qualified and Independent Directors
Lattice Semiconductor Corporation (NASDAQ:LSCC), the leading
provider of customizable smart connectivity solutions, today
announced that it has entered into an agreement with Lion Point
Capital, LP ("Lion Point"), which owns approximately 6.2 percent of
Lattice’s shares, regarding the membership and composition of the
Lattice Board of Directors and its committees, as well as certain
customary standstill restrictions. Under the terms of the
agreement, three new independent directors, James P. Lederer, John
E. Major and Krishna Rangasayee, will be appointed to the Board,
effective March 13. With these changes, the size of Lattice’s Board
will temporarily increase from eight to 11 directors.
John Bourgoin, Lattice’s Chairman of the Board, said, “We
welcome Jim, John and Krishna to the Board of Directors and look
forward to their contributions. Lattice is continuing to execute on
our strategy to drive revenue growth, accelerate operating expense
reductions and increase capital efficiencies in order to build
value for the Company and our stockholders. The Board of Directors
will benefit from having the varied and extensive industry
expertise of these new directors. We are confident that they will
help further strengthen and diversify the Board. Lattice has
undergone an impressive evolution and is now well positioned to
capitalize on the numerous opportunities ahead.”
Didric Cederholm, Chief Investment Officer of Lion Point
Capital, said, “We are pleased that we could work constructively
with Lattice’s Board to reach this agreement. Jim, John and Krishna
bring experience, relevant expertise and an outstanding record of
value creation that will complement and enhance the Board. We
believe the Company’s core technology franchise has significant
value and look forward to seeing Lattice harness its full growth
and profitability potential with the common goal of maximizing
shareholder returns.”
The complete agreement between Lattice and Lion Point will be
filed with the Securities and Exchange Commission on Form 8-K.
Biographies of the three new directors follow:
James P. Lederer
Jim Lederer brings more than 35 years of broad-ranging executive
leadership experience, with over two decades focused on the
semiconductor, mobile and wireless technology industries. After an
early career at General Motors and Motorola, he joined Qualcomm and
was part of the senior team that grew the business to become the
undisputed leader in the communications semiconductor arena. In his
most recent role he was Executive Vice President, leading teams in
finance, operations, supply chain, strategy, M&A, legal and
product/program management functions for a $17 billion
semiconductor technologies division. Jim serves as a director of
publicly-traded Entegris. He holds a B.S. degree in Business
Administration and an M.B.A. from the State University of New York
at Buffalo, where he also serves on the Dean’s Advisory Council for
the School of Management.
John E. Major
John Major is a veteran of the technology industry, with more
than 40 years’ experience at leading communications companies
including Motorola and Qualcomm, and as CEO of several companies
including Novatel Wireless. He has significant board experience at
both public and private technology companies, including his
Chairmanship of Broadcom until its acquisition by Avago. John has a
degree from the University of Rochester, a JD from Loyola
University Chicago, an MBA from the Kellogg School of Management
and an MS from the University of Illinois.
Krishna Rangasayee
Krishna Rangasayee has more than 25 years of experience in the
semiconductor industry and currently serves as Chief Operating
Officer at Groq, a machine learning start-up. Previously, Mr.
Rangasayee was with Xilinx for 18 years, where he was Senior Vice
President and GM of Xilinx’s overall business prior to his most
recent role as Executive Vice President, Global Sales. He is a
graduate of the National Institute of Technology in India, and has
a M.S. in Electrical Engineering from Mississippi State University.
He holds 25+ international patents.
About Lattice Semiconductor
Lattice Semiconductor (NASDAQ: LSCC) is a leader in smart
connectivity solutions at the network edge, where the “things” of
IoT live. Our low power FPGA, 60 GHz millimeter wave, video ASSP
and IP products deliver edge intelligence, edge connectivity, and
control solutions to the consumer, communications, industrial,
compute, and automotive markets. Our unwavering commitment to our
global customers enables them to accelerate their innovation,
creating an ever better and more connected world.
For more information about Lattice please visit
www.latticesemi.com. You can also follow us via LinkedIn, Twitter,
Facebook, YouTube, WeChat, Weibo or Youku.
About Lion Point Capital
Lion Point Capital is a global special situations investment
firm that seeks to invest in equity and debt securities of
undervalued public and private companies. Our principals and
investment team have extensive experience and a successful track
record of uncovering and unlocking value through rigorous
fundamental analysis and thoughtful action.
Forward-Looking Statements Notice
The foregoing paragraphs contain forward-looking statements that
involve estimates, assumptions, risks and uncertainties. Any
statements about Lattice’s expectations, beliefs, plans,
objectives, assumptions or future events or performance are not
historical facts and may be forward-looking. Such forward-looking
statements include statements relating to: Lattice’s strategy to
drive revenue growth, accelerate operating expense reductions and
increase capital efficiencies. Other forward-looking statements may
be indicated by words such as “will,” “could,” “should,” “would,”
“may,” “expect,” “plan,” “project,” “anticipate,” “intend,”
“forecast,” “future,” “believe,” “estimate,” “predict,” “propose,”
“potential,” “continue” or the negative of these terms or other
comparable terminology.
Factors that may cause actual results to differ materially from
the forward-looking statements in this press release include global
economic uncertainty; overall semiconductor market conditions;
market acceptance and demand for Lattice’s new products; Lattice’s
dependencies on its silicon wafer suppliers; the impact of
competitive products and pricing; technological and product
development risks; and the failure to achieve the anticipated
benefits and synergies of the Silicon Image transaction. In
addition, actual results are subject to other risks and
uncertainties that relate more broadly to Lattice’s overall
business, including those risks more fully described in Lattice’s
filings with the SEC, including its annual report on Form 10-K for
the fiscal year ended December 31, 2016, and Lattice’s quarterly
reports filed on Form 10-Q.
You should not unduly rely on forward-looking statements because
actual results could differ materially from those expressed in any
forward-looking statements. In addition, any forward-looking
statement applies only as of the date on which it is made. Except
as required by law, Lattice does not intend to update or revise any
forward-looking statements, whether as a result of events or
circumstances after the date of this press release or to reflect
the occurrence of unanticipated events.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180307006416/en/
MEDIA:Lattice SemiconductorDoug Hunter,
503-268-8512Doug.Hunter@latticesemi.comorINVESTORS:Global IR
PartnersDavid Pasquale, 914-337-8801lscc@globalirpartners.com
Lattice Semiconductor (NASDAQ:LSCC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Lattice Semiconductor (NASDAQ:LSCC)
Historical Stock Chart
From Apr 2023 to Apr 2024