QuickLogic to be Acquired for $111M

TL;DR

QuickLogic is being bought for $1.17/share cash by Long-Time Holdings, deal expected Q3 2024.

AI Summary

QuickLogic Corporation announced on June 4, 2024, that it has entered into a definitive agreement to be acquired by an affiliate of Long-Time Holdings, LLC. The transaction is valued at approximately $111 million, with shareholders expected to receive $1.17 per share in cash. The acquisition is anticipated to close in the third quarter of 2024, subject to customary closing conditions.

Why It Matters

This acquisition by Long-Time Holdings, LLC at $1.17 per share provides a cash exit for QuickLogic shareholders, signaling a potential consolidation within the semiconductor industry.

Risk Assessment

Risk Level: medium — The deal is subject to customary closing conditions and regulatory approvals, which could delay or prevent its completion.

Key Numbers

• $111M — Transaction Value (Total amount QuickLogic Corporation is being acquired for.)
• $1.17 — Per Share Price (Cash amount each QuickLogic shareholder will receive.)

Key Players & Entities

• QuickLogic Corporation (company) — Company being acquired
• Long-Time Holdings, LLC (company) — Acquiring entity
• $111 million (dollar_amount) — Total transaction value
• $1.17 (dollar_amount) — Per share acquisition price
• June 4, 2024 (date) — Date of agreement announcement
• third quarter of 2024 (date) — Expected closing period

FAQ

Filing Documents

• quicklo20240529_8k.htm (8-K) — 28KB
• ex_684729.htm (EX-16.1) — 3KB
• 0001437749-24-019693.txt ( ) — 161KB
• quik-20240604.xsd (EX-101.SCH) — 3KB
• quik-20240604_def.xml (EX-101.DEF) — 11KB
• quik-20240604_lab.xml (EX-101.LAB) — 15KB
• quik-20240604_pre.xml (EX-101.PRE) — 11KB
• quicklo20240529_8k_htm.xml (XML) — 3KB

01 Changes in Registrant's Certifying Accountants

Item 4.01 Changes in Registrant's Certifying Accountants (a) Termination of Independent Registered Public Accounting Firm On June 5, 2024, QuickLogic Corporation ("QuickLogic" or the "Company") notified Moss Adams LLP ("Moss Adams") of its dismissal as the Company's independent registered public accounting firm, effective as of June 4, 2024. The Company's Audit Committee (the "Audit Committee") unanimously approved the decision to dismiss Moss Adams. The reports of Moss Adams on the consolidated financial statements for the two most recent fiscal years ended January 1, 2023 and December 31, 2023 did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. During the Company's two most recent fiscal years ended January 1, 2023 and December 31, 2023, and the subsequent interim periods up to and including the date of Moss Adam's dismissal, there were no (i) disagreements between the Company and Moss Adams on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to its satisfaction, would have caused Moss Adams to make reference to the subject matter of such disagreements in connection with its report on the Company's consolidated financial statements, or (ii) "reportable events," as described in Item 304(a)(1)(v) of Regulation S-K promulgated by the Securities and Exchange Commission (the "SEC") pursuant to the Securities Exchange Act of 1934, as amended. The Company provided Moss Adams with a copy of the disclosures it is making in this Item 4.01 of this Form 8-K and requested that Moss Adams furnish a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the statements made herein and, if not, stating the respects in which it does not agree. A copy of such letter is filed as Exhibit 16.1 to this Form 8-K. (b) Appointment of Inde

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 16.1 Letter from Moss Adams LLP, dated June 6, 2024 104 Cover Page Interactive Data File (formatted as inline XBRL) 2 / 3 Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: June 7, 2024 QuickLogic Corporation /s/Elias Nader Elias Nader Chief Financial Officer, and Senior Vice-President, Finance 3 / 3

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View this 8-K filing on SEC EDGAR