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/.
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/.
