SAN JOSE, Calif., June 19, 2019 /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 the
pricing of its previously announced underwritten public offering of
16,000,000 shares of its common stock at a public offering price of
$0.50 per share (the
"Offering"). QuickLogic expects the gross proceeds from the
Offering to be approximately $8.0
million, before deducting the underwriting discount and
other estimated offering expenses. QuickLogic has also granted the
underwriter a 30-day option to purchase additional shares of common
stock offered in the public market. The Company expects to close
the Offering on or about June 21,
2019, subject to the satisfaction of customary closing
conditions.
The Company intends to use the net proceeds from the Offering
for working capital, the development of next generation new
products (including the development of the Freedom Aware family of
SoC Templates with SiFive, Inc.) 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.
Oppenheimer & Co. Inc. is acting as the sole underwriter for
the Offering.
The Offering is being made pursuant to a shelf registration
statement on Form S-3 (File No. 333-230352) that was declared
effective by the Securities and Exchange Commission (the "SEC") on
March 29, 2019. The Offering may only
be made by means of a prospectus supplement and the accompanying
prospectus. The preliminary prospectus supplement relating to the
Offering was filed with the SEC on June 18,
2019. 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
by contacting Oppenheimer & Co. Inc., Attention: Syndicate
Prospectus Department, 85 Broad Street, 26th Floor, New York, NY, 10004, by telephone at (212)
667-8055, or by email at EquityProspectus@opco.com.
This press release does not constitute an offer to sell or
the solicitation of an offer to buy any securities in the 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 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/.
Forward Looking Statements
This press release
contains forward-looking statements regarding our future business
expectations, which are subject to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. 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 these and other potential factors and uncertainties that
could cause actual results to differ from the results predicted,
including those described in more detail in the Company's public
reports filed with 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's
website at www.sec.gov. In addition, please note that the date of
this press release is June 19, 2019,
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.
ArcticLink, QuickLogic and the QuickLogic logo are registered
trademarks and EOS and ArcticPro are 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