SAN JOSE, Calif., June 18, 2020 /PRNewswire/ -- QuickLogic
Corporation (NASDAQ: QUIK) ("QuickLogic" or the "Company"), a
developer of ultra-low-power multi-core voice-enabled
system-on-chips ("SoCs"), embedded FPGA intellectual property,
Internet of Things ("IoT"), and endpoint artificial intelligence
("AI") solutions, today announced the pricing of a firm
commitment underwritten offering of 2,500,000 shares of its
common stock at an offering price of $3.50 per share (the "Offering"). QuickLogic
expects the gross proceeds from the Offering to be approximately
$8.75 million, before deducting the
underwriting discount and other estimated offering expenses.
QuickLogic has also granted the underwriter a 30-day option to
purchase up to an additional 375,000 shares of common stock offered
in the public market. The Company expects to close the Offering on
or about June 22, 2020, 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 AI and open source hardware or software, 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 related to the
Offering was filed with the SEC on June 17,
2020. 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)
667-8563, 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 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 mobile, wearable, hearable,
consumer, industrial, edge and endpoint IoT. 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 18, 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.
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