Impinj Enters Material Definitive Agreement
Ticker: PI · Form: 8-K · Filed: Mar 13, 2024 · CIK: 1114995
Sentiment: neutral
Topics: material-agreement, definitive-agreement
TL;DR
Impinj just signed a big deal, details TBD.
AI Summary
On March 13, 2024, Impinj, Inc. entered into a Material Definitive Agreement. The filing does not disclose the specific details of this agreement, such as the counterparty or the financial terms, but it is classified under Item 1.01, which pertains to the entry into a material definitive agreement.
Why It Matters
This filing indicates a significant new contract or partnership for Impinj, Inc., which could impact its future revenue and strategic direction.
Risk Assessment
Risk Level: medium — The lack of specific details in the filing creates uncertainty about the nature and impact of the agreement.
Key Players & Entities
- Impinj, Inc. (company) — Registrant
- March 13, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the Material Definitive Agreement entered into by Impinj, Inc.?
The filing does not specify the nature of the agreement, only that it is a Material Definitive Agreement under Item 1.01.
Who is the counterparty to this Material Definitive Agreement?
The filing does not disclose the name of the other party involved in the agreement.
What are the key financial terms or obligations associated with this agreement?
The filing does not provide any details regarding the financial terms or obligations of the agreement.
When was the Material Definitive Agreement entered into?
The agreement was entered into on or before March 13, 2024.
What is the significance of Item 1.01 in this filing?
Item 1.01 of Form 8-K pertains to the entry into a material definitive agreement, which is why this filing is made.
Filing Stats: 641 words · 3 min read · ~2 pages · Grade level 11.5 · Accepted 2024-03-13 16:10:12
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share PI The Nasdaq Global Sele
- $45.0 million — ll make to Impinj a one-time payment of $45.0 million within five business days of the execut
- $15.0 million — e payment to Impinj for 2024 will equal $15.0 million and increase each subsequent year by a
Filing Documents
- pi-20240313.htm (8-K) — 46KB
- 0000950170-24-030764.txt ( ) — 164KB
- pi-20240313.xsd (EX-101.SCH) — 30KB
- pi-20240313_htm.xml (XML) — 5KB
01
Item 1.01 Entry into a Material Definitive Agreement. On March 13, 2024, Impinj, Inc. ("Impinj") and NXP Semiconductors N.V. and its subsidiary NXP USA, Inc. (collectively, "NXP") entered into a Settlement and Patent Cross-License Agreement dated March 13, 2024 (the "Agreement"), which resolves all outstanding litigation and other proceedings between them. Under the Agreement, Impinj and NXP will terminate and withdraw all pending proceedings and release one another for all patent infringement claims preceding March 31, 2024. Impinj and NXP will also grant to each other non-exclusive, worldwide patent licenses to make, have made, import, use, offer for sale, and sell their respective products and services, subject to the terms of the Agreement. NXP will make to Impinj a one-time payment of $45.0 million within five business days of the execution of the Agreement. NXP will also make to Impinj annual license fee payments on April 1 of each year, starting on April 1, 2024. NXP's annual license payment to Impinj for 2024 will equal $15.0 million and increase each subsequent year by a fixed percentage. Impinj has no obligation to pay NXP under the Agreement. The Agreement will remain in force until all the valid claims of a specified set of Impinj patents (the "Indicator Patents") expire in about ten years. Either party can terminate the Agreement if the other party materially breaches the terms of the Agreement and NXP can terminate the Agreement if it successfully designs out all valid claims of the Indicator Patents. The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Agreement, a copy of which will be filed as an exhibit to Impinj's Quarterly Report on Form 10-Q for the three months ended March 31, 2024. .
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Impinj, Inc. By: /s/ Chris Diorio Chris Diorio Chief Executive Officer Date: March 13, 2024