SAN JOSE, Calif., Dec. 9, 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 that
its Board of Directors has approved a reverse stock split of the
Company's common stock at a ratio of 1-for-14. The reverse stock
split was previously approved by stockholders at a Special Meeting
of Stockholders held on November 26,
2019.
QuickLogic's common stock will begin trading on a split-adjusted
basis on the Nasdaq Capital Market (NASDAQ) at the market open on
or about December 24, 2019. Once
effective, the reverse stock split will reduce the number of shares
of common stock issued and outstanding from approximately 116.6
million to approximately 8.3 million.
"After careful consideration, the Board determined to move ahead
with the reverse stock split without delay in order to maintain the
Company's Nasdaq listing," said Brian
Faith, president and CEO of QuickLogic Corporation. "We are
excited about a number of opportunities in our business that should
begin to be reflected in our financial results starting in the
fourth quarter of fiscal 2019. With the Nasdaq listing behind us,
we will turn all of our business focus to delivering on the
financial goal of operating breakeven or profitability by the
second quarter of fiscal 2020."
No fractional shares will be issued as a result of the reverse
stock split. In lieu thereof, the Company's transfer agent
will aggregate all fractional shares and sell them as soon as
practicable after the effective time at the then-prevailing prices
on the open market. After the transfer agent's completion of such
sale, stockholders who would have been entitled to a
fractional share as a result of the reverse stock split will
instead receive a cash payment from the transfer agent in
an amount equal to their respective pro rata share of the total
proceeds of that sale.
The objective of the reverse stock split is to ensure that
QuickLogic regains full compliance with the NASDAQ share price
listing rule and maintains its listing on the NASDAQ. As previously
noted in the proxy statement filed with the Securities and Exchange
Commission on October 17, 2019,
QuickLogic will regain compliance with the NASDAQ per share price
listing rule if QuickLogic has a closing bid price of its common
stock of at least $1.00 per share for
a minimum of 10 consecutive business days during the additional
180-day period, or before January 13,
2020, the end of the 180-day period.
The trading symbol for QuickLogic's common stock will remain
"QUIK." The new CUSIP number for QuickLogic's common stock
following the reverse stock split is 74837P405.
Stockholders should direct any questions concerning their share
status or the reverse stock split to their broker or to the
Company's transfer agent, American Stock Transfer & Trust
Company, LLC, at 1-800-937-5449. Inquiries can also be sent via
email to help@astfinancial.com and should include a reference to
"QuickLogic."
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 December 9,
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.
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