SUNNYVALE, CA--(Marketwire - September 18, 2009) - Leadis Technology, Inc. (NASDAQ: LDIS) today announced that its Board of Directors (the "Board") has determined, after consideration of potential strategic alternatives, that it is in the best interests of the Company and its stockholders to liquidate the Company's assets and to dissolve the Company. In connection with this determination, the Company's Board has unanimously approved a Plan of Dissolution of the Company (the "Plan of Dissolution") subject to stockholder approval. The Company intends to hold a special meeting of the stockholders to seek approval of the Plan of Dissolution and intends to file a proxy statement with the Securities and Exchange Commission expeditiously.
The Plan of Dissolution contemplates an orderly wind down of the Company's business and operations. If the Company's stockholders approve the Plan of Dissolution, the Company intends to file a certificate of dissolution, satisfy or resolve its remaining liabilities and obligations, including contingent liabilities and costs associated with the liquidation and dissolution, make reasonable provisions for unknown claims and liabilities, and make distributions to its stockholders of cash available for distribution, subject to applicable legal requirements. Following stockholder approval of the Plan of Dissolution and the filing of the certificate of dissolution, the Company plans to delist its common stock from the NASDAQ Global Market.
The Company has analyzed its liquidation value and currently estimates that the aggregate amount of liquidating distributions to stockholders will range from $0.93 to $1.20 per share. The total amount of these distributions, however, may vary substantially from this estimate based on a number of factors, including the resolution of outstanding known and contingent liabilities, the possible assertion of claims that are currently unknown to the Company and costs incurred to wind down the Company's business. As a result, stockholders may receive substantially less than the current estimates.
The Company also today announced that it received a deficiency notice from The NASDAQ Stock Market on September 15, 2009. The notice, in accordance with NASDAQ Marketplace Rule 4450(a)(5) "Minimum Bid Price Requirement," states that the Company's common stock has closed below $1.00 per share for 30 consecutive business days. In accordance with Marketplace Rule 4450(e)(2), the Company has 180 days to comply with the minimum $1.00 per share bid price requirement. The Company's common stock must meet or exceed the $1.00 share price for 10 consecutive business days before March 15, 2010 or it could be subject to delisting from the NASDAQ Global Market. This notification has no effect on the listing of the Company's common stock at this time.
Showing posts with label Leadis. Show all posts
Showing posts with label Leadis. Show all posts
Friday, September 18, 2009
Tuesday, August 18, 2009
Leadis 8K - IXYS to acquire Leadis LED driver and controller business
"On August 15, 2009, Leadis Technology, Inc., a Delaware corporation (“Leadis”), entered into an Asset Purchase Agreement (the “Agreement”) with IXYS CH GMBH (“IXYS”) pursuant to which IXYS agreed to acquire certain assets related to Leadis’s LED driver and controller business and certain legacy display driver products (the “Assets”). Upon the terms and subject to the conditions of the Agreement, as consideration for the Assets, IXYS agreed to (i) pay Leadis $3.5 million in cash (the “Cash Consideration”) and (ii) assume specified liabilities related to the Assets. At the closing of the transaction (the “Closing”), IXYS will pay Leadis $2.625 million of the Cash Consideration, with the remainder of the Cash Consideration to be paid six months after the Closing. The amount of Cash Consideration payable for the Assets is subject to increase based upon the amount of inventory of certain display driver products transferred to IXYS at the time of the Closing. IXYS also will offer employment to certain employees that were employed in Leadis’ LED driver and controller business (the “Employees”). Leadis expects to complete the transaction in the current quarter.
The Agreement includes customary representations, warranties and covenants of Leadis and IXYS. The Agreement contains an indemnity by Leadis for breaches of representations, warranties and covenants made by it in connection with the transaction. Completion of the transaction is subject to the satisfaction of customary closing conditions, including, among other matters, (i) execution and delivery of specified ancillary agreements, (ii) accuracy of the representations and warranties and compliance with the covenants set forth in the Agreement, (iii) the absence of any material adverse change with respect to the Assets, Leadis’s LED business or the legacy display driver products, and (iv) the acceptance of employment with IXYS by certain of the Employees. Either party may terminate the Agreement, subject to certain exceptions, in the event of an uncured material breach by the other party or if the Closing has not occurred by specified dates."
The Agreement includes customary representations, warranties and covenants of Leadis and IXYS. The Agreement contains an indemnity by Leadis for breaches of representations, warranties and covenants made by it in connection with the transaction. Completion of the transaction is subject to the satisfaction of customary closing conditions, including, among other matters, (i) execution and delivery of specified ancillary agreements, (ii) accuracy of the representations and warranties and compliance with the covenants set forth in the Agreement, (iii) the absence of any material adverse change with respect to the Assets, Leadis’s LED business or the legacy display driver products, and (iv) the acceptance of employment with IXYS by certain of the Employees. Either party may terminate the Agreement, subject to certain exceptions, in the event of an uncured material breach by the other party or if the Closing has not occurred by specified dates."
Thursday, June 18, 2009
Leadis 8K - CTO moves to IDT with sale of touch sensor business
"On June 10, 2009, Leadis Technology, Inc. (the “Company”) completed the sale of certain assets related to the Company’s touch sensor business to Integrated Device Technology, Inc. (the “Transaction”). In connection with the Transaction, Dr. Ken Lee, the Company’s Chief Technical Officer and a named executive officer, terminated his employment with the Company to accept an offer of employment with Integrated Device Technology effective June 12, 2009. Following his termination of employment, Dr. Lee remains a member of the Company’s Board of Directors."
Thursday, June 11, 2009
IDT Acquires Touch Sensor Technology from Leadis Technology (Updated from 8K)
SAN JOSE, Calif.--(BUSINESS WIRE)--IDT® (Integrated Device Technology, Inc.) (NASDAQ:IDTI), a leading provider of essential mixed signal semiconductor solutions that enrich the digital media experience, today announced it has purchased the touch sensor technology assets from Leadis Technology. In addition, IDT will also acquire the Leadis Technology intellectual property and employee teams necessary to execute on the existing roadmap for continued touch sensor leadership and success. The transaction closed yesterday, June 10, 2009.
From the Leadis 8K filing: "......The total cash consideration for the Touch Assets is $6.25 million. At the closing of the transaction on June 10, 2009, IDT paid Leadis $5.975 million of cash consideration, with an additional $275,000 to be paid 45 days after the Closing (subject to any indemnification claims made by IDT). IDT also offered employment to certain employees that were employed in Leadis’ touch sensor business."
From the Leadis 8K filing: "......The total cash consideration for the Touch Assets is $6.25 million. At the closing of the transaction on June 10, 2009, IDT paid Leadis $5.975 million of cash consideration, with an additional $275,000 to be paid 45 days after the Closing (subject to any indemnification claims made by IDT). IDT also offered employment to certain employees that were employed in Leadis’ touch sensor business."
Tuesday, March 31, 2009
Leadis Technology 10K
Customer concentration: "In 2008, our two largest customers, Samsung SDI Corporation and Rikei Corporation, a sales distributor in Japan, accounted for approximately 24% and 38% of our revenue, respectively."
Wafer foundry: "Our foundry suppliers fabricate our display driver products using a customized, high-voltage version of their mature and stable CMOS process technology with feature sizes of 0.15 micron and higher. Our LED and touch controller products are fabricated on mature CMOS processes. Our principal foundry suppliers are Seiko Epson in Japan, and Vanguard International Semiconductor Corporation, Taiwan Semiconductor Manufacturing Corporation and United Microelectronics Corporation in Taiwan, but we may use other foundry suppliers in the future. "
Assembly and test: "We currently rely primarily on Chipbond Technology Corporation, International Semiconductor Technology Ltd. and King Yuan Electronics Co., Ltd., each located in Taiwan, and Unisem Group in Malaysia, to assemble and test our products."
Patent foundation and sales: "As of March 15, 2009, we had twenty U.S patents applications pending and had been issued nine U.S. patents. These patent applications and issued patents cover our intellectual property contained in our LED drivers, power management and touch technology products. In January 2009, we sold our display driver business including a number of relevant patents. In February 2009, we sold assets relating to a development-stage power management product, including one issued patent. In March 2009, we sold assets related to our audio products, including a number of patents and pending patents."
Employees: "As of December 31, 2008, we had 161 employees, including 100 in research and development, 23 in operations and 38 in sales, marketing, general and administrative functions. By region, 59 of our employees were located in the United States, 69 in Korea and 33 in Asia and Europe. At the end of 2007, we had 184 employees. Through sales of portions of our business and related transfers of headcount, as well as staff reductions enacted to reduce operating expenses, our headcount declined to 89 as of March 14, 2009."
Business sales: "In January 2009, we sold our display driver assets and transferred certain employees to AsTEK, Inc., a privately-held company located in Korea whose principal is the former general manager of our Korean R&D operation. The total consideration was $3.5 million in the form of a receivable due no later than January 2010 plus $0.5 million of assumed liabilities. We retained rights to most of the current display driver products in production, as well as ownership of our proprietary EpiC™ technology for AM-OLED displays. As a result of this transaction, we have ceased investment in the production, marketing and sale of new display driver integrated circuits.
In February 2009, we sold assets relating to a development-stage power management product. We sold these assets and transferred certain employees to a publicly-traded supplier of analog and mixed-signal semiconductor products. Under the terms of the sale, we will be paid $2.3 million in cash, of which $2 million has been received to date. As a result of this transaction, we ceased development of power management integrated circuits.
In March 2009, we sold assets related to our audio products and transferred certain employees to a publicly-traded supplier of semiconductor products. Under the terms of the sale, we were paid $1.45 million in cash, all of which has been received."
Wafer foundry: "Our foundry suppliers fabricate our display driver products using a customized, high-voltage version of their mature and stable CMOS process technology with feature sizes of 0.15 micron and higher. Our LED and touch controller products are fabricated on mature CMOS processes. Our principal foundry suppliers are Seiko Epson in Japan, and Vanguard International Semiconductor Corporation, Taiwan Semiconductor Manufacturing Corporation and United Microelectronics Corporation in Taiwan, but we may use other foundry suppliers in the future. "
Assembly and test: "We currently rely primarily on Chipbond Technology Corporation, International Semiconductor Technology Ltd. and King Yuan Electronics Co., Ltd., each located in Taiwan, and Unisem Group in Malaysia, to assemble and test our products."
Patent foundation and sales: "As of March 15, 2009, we had twenty U.S patents applications pending and had been issued nine U.S. patents. These patent applications and issued patents cover our intellectual property contained in our LED drivers, power management and touch technology products. In January 2009, we sold our display driver business including a number of relevant patents. In February 2009, we sold assets relating to a development-stage power management product, including one issued patent. In March 2009, we sold assets related to our audio products, including a number of patents and pending patents."
Employees: "As of December 31, 2008, we had 161 employees, including 100 in research and development, 23 in operations and 38 in sales, marketing, general and administrative functions. By region, 59 of our employees were located in the United States, 69 in Korea and 33 in Asia and Europe. At the end of 2007, we had 184 employees. Through sales of portions of our business and related transfers of headcount, as well as staff reductions enacted to reduce operating expenses, our headcount declined to 89 as of March 14, 2009."
Business sales: "In January 2009, we sold our display driver assets and transferred certain employees to AsTEK, Inc., a privately-held company located in Korea whose principal is the former general manager of our Korean R&D operation. The total consideration was $3.5 million in the form of a receivable due no later than January 2010 plus $0.5 million of assumed liabilities. We retained rights to most of the current display driver products in production, as well as ownership of our proprietary EpiC™ technology for AM-OLED displays. As a result of this transaction, we have ceased investment in the production, marketing and sale of new display driver integrated circuits.
In February 2009, we sold assets relating to a development-stage power management product. We sold these assets and transferred certain employees to a publicly-traded supplier of analog and mixed-signal semiconductor products. Under the terms of the sale, we will be paid $2.3 million in cash, of which $2 million has been received to date. As a result of this transaction, we ceased development of power management integrated circuits.
In March 2009, we sold assets related to our audio products and transferred certain employees to a publicly-traded supplier of semiconductor products. Under the terms of the sale, we were paid $1.45 million in cash, all of which has been received."
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