April 27, 2018 12:47 AM ET

Semiconductors and Semiconductor Equipment

Company Overview of Impinj, Inc.

Company Overview

Impinj, Inc. operates a platform that enables wireless connectivity to everyday items by delivering each item’s unique identity, location, and authenticity to business and consumer applications. The company’s platform includes endpoint integrated circuits (ICs) product, a miniature radios-on-a-chip, which attach-to and identify their host items; and connectivity layer that comprises readers, gateways, and reader ICs to wirelessly identify, locate, authenticate, and engage endpoints via RAIN, as well as provide power to and communicate bidirectionally with endpoint ICs. Its platform also consists of software layer that comprises ItemSense, an operating system for platform. In addition, the co...

400 Fairview Avenue North

Suite 1200

Seattle, WA 98109

United States

Founded in 2000

311 Employees

Phone:

206-517-5300

Fax:

206-517-5262

Key Executives for Impinj, Inc.

Co-Founder, Vice Chairman & CEO
Age: 55
Total Annual Compensation: $337.5K
President & COO
Age: 50
Total Annual Compensation: $307.5K
Compensation as of Fiscal Year 2016.

Impinj, Inc. Key Developments

Impinj, Inc. Announces Executive Changes

Impinj, Inc. announced executive changes. In connection with Evan Fein's previously announced resignation as chief financial officer of the Company effective on March 30, 2018, the Company designated (i) Eric Brodersen, its president and chief operating officer, as principal financial officer for SEC reporting purposes and (ii) Denise Masters, its interim vice president of accounting and corporate controller, as principal accounting officer for SEC reporting purposes. The board of directors of the Company approved these appointments on April 2, 2018, in each case effective from Mr. Fein's resignation through the time a new chief financial officer is appointed. Neither Mr. Brodersen's nor Ms. Masters' compensation changed in connection with the foregoing appointments. In addition, the Company announced that it engaged Linda Breard on a consultant basis effective March 26, 2018 while the Company continues to search for a new chief financial officer. Under the engagement, Ms. Breard will work closely with Mr. Brodersen and Ms. Masters in the performance of their duties as principal financial officer and principal accounting officer, respectively. Prior to joining the Company, Ms. Breard served as chief financial officer and executive vice president at Kaiser Permanente and Group Health, as chief financial officer and senior vice president at Quantum, and as vice president of accounting and finance at Advanced Digital Information Corporation. Ms. Masters, 44, has served as the Company's interim vice president of accounting and corporate controller since March 2018. Prior to joining the Company, Ms. Masters was Vice President Finance at Blucora, Inc. and had overall responsibility for SEC reporting and compliance, accounting and treasury.

Impinj, Inc.(NasdaqGS:PI) dropped from S&P Semiconductors Select Industry Index

Impinj, Inc.(NasdaqGS:PI) dropped from S&P Semiconductors Select Industry Index

Impinj, Inc. Enters into a First Amendment to Third Amended and Restated Loan and Security Agreement and Silicon Valley Bank

On March 5, 2018, Impinj, Inc., a Delaware corporation entered into a First Amendment to Third Amended and Restated Loan and Security Agreement, by and between the Company and Silicon Valley Bank. The Amendment amends certain provisions of the company's Third Amended and Restated Loan and Security Agreement, dated as of April 24, 2017, to, among other things, extend the maturity date of the revolving credit facility to March 5, 2020, and provide for a new $20.0 million term loan, the proceeds of which refinance $7.9 million outstanding under the existing term loan and $1.1 million of equipment loans outstanding under the Loan Agreement. The remaining term loan proceeds are available for general corporate purposes. The new term loan will amortize over 36 months, beginning on April 1, 2019, following an initial interest-only period, and mature on March 1, 2022. The Company retains the ability to prepay the term loan at any time, subject to a prepayment fee equal to 2.0% of the outstanding principal amount if prepaid on or before March 5, 2019, or 1.0% of the outstanding principal amount if prepaid after March 5, 2019, but on or before March 5, 2020. The Amendment also amends the financial covenants under the Loan Agreement such that if the Company's cash in accounts maintained with Lender, plus availability under the Loan Agreement's revolving credit facility, falls below $60.0 million for the period of time beginning on March 5, 2018 and ending on December 31, 2018, or $55.0 million for the period of time beginning on January 1, 2019 and at all times thereafter, the Company must comply with an amended covenant to not exceed maximum adjusted EBITDA loss thresholds that vary by period and the existing minimum liquidity ratio, each determined in accordance with the terms of the Loan Agreement.

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