QuickLogic Corporation Prices Public Offering of Common Stock
SUNNYVALE, CA -- (Marketwired) -- 11/12/13 -- QuickLogic Corporation
(NASDAQ: QUIK), the innovator of ultra-low-power Customer Specific
Standard Products (CSSPs), today announced the pricing of its
underwritten public offering of an aggregate of 7,600,000 newly
issued shares of common stock at a price of $2.90 per share, $0.001
par value (the "Offering" with such shares being the "Shares"). The
Company expects to receive gross proceeds of $22.0 million, before
deducting underwriting discounts and other estimated offering
expenses. The underwriters have also been granted a 30-day option to
purchase up to 1,140,000 shares of common stock to cover
over-allotments, if any. The net proceeds to the Company from the
Offering are expected to be approximately $20.6 million after
deduction of underwriting discounts and assuming no exercise of the
underwriters' over-allotment option. Subject to customary conditions,
the offering is expected to close on November 15, 2013.
The Company expects to use the net proceeds from the Offering for
working capital and other general corporate purposes. The Company may
also use a portion of the net proceeds for licensing or acquiring
intellectual property or technologies to incorporate in its products,
capital expenditures, to fund possible investments in and
acquisitions of complementary businesses, partnerships, minority
investments or to repay debts.
The Shares are being offered by QuickLogic Corporation pursuant to a
shelf registration statement previously filed with the Securities and
Exchange Commission (the "SEC"), which was declared effective by the
SEC on August 30, 2013, and as supplemented by a prospectus
supplement dated November 12, 2013 filed with the Securities and
Exchange Commission pursuant to Rule 424(b) under the Securities Act
of 1933, as amended, and related 462(b) registration statement.
Roth Capital Partners served as the sole book-running manager for the
Offering and The Benchmark Company acted as co-manager. Copies of the
final prospectus supplement and accompanying base prospectus can be
obtained at the SEC's website at http://www.sec.gov or Roth Capital
Partners, 888 San Clemente, Newport Beach, California 92660, (800)
678-9147, or by writing or calling the Company at 1277 Orleans Drive,
Sunnyvale, California 94089-1138, Attention: Ralph Marimon, Chief
Financial Officer, (408) 990-4000.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities in this 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.
QuickLogic Corporation (NASDAQ; QUIK) is the inventor and pioneer of
innovative, customizable semiconductor solutions for mobile and
portable electronics OEMs and ODMs. These silicon plus software
solutions are called Customer Specific Standard Products (CSSPs).
CSSPs enable our customers to bring their products to market more
quickly and remain in the market longer, with the low power, cost and
size demanded by the mobile and portable electronics market. For more
information about QuickLogic and CSSPs, visit www.quicklogic.com.
Safe Harbor Statement Under the Private Securities Litigation Reform
Act of 1995
This press release contains statements that are forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These include statements regarding, but not limited
to, the proceeds the Company expects to receive from the offering,
the expected uses of such proceeds from the offering and the closing
of 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 the factors
listed above together with the additional factors under the heading
"Disclosure Regarding Forward-Looking Statements" and "Risk Factors"
in the Company's Annual Reports on Form 10-K, as may be supplemented
or amended by the Company's Quarterly Reports on Form 10-Q. The
Company assumes no obligation to update or supplement forward-looking
statements that become untrue because of subsequent events, new
information or otherwise.
Ralph S. Marimon
Vice President of Finance
Chief Financial Officer
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