Silicon Motion Repudiates MaxLinear’s Allegations and Intends to Enforce Merger Agreement

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[{"type":"text","content":"TAIPEI, Taiwan, July 27, 2023 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NASDAQGS: SIMO) (“Silicon Motion”) today announced that Silicon Motion and MaxLinear, Inc. (NASDAQGS: MXL) (“MaxLinear”) received antitrust approval from the State Administration for Market Regulation in the People’s Republic of China (“SAMR Approval”) in relation to the proposed merger between Silicon Motion and MaxLinear (the “Merger”). After receiving SAMR Approval, Silicon Motion received a notice of purported termination of the Merger from MaxLinear, and Silicon Motion issued the following statement in response: “MaxLinear’s eleventh-hour purported termination of its merger agreement with Silicon Motion is invalid and reflects a repudiation of MaxLinear’s obligations rather than any failure of Silicon Motion’s conditions to closing. In the 15 months since the signing of the merger agreement between the parties, Silicon Motion worked cooperatively with MaxLinear to obtain regulatory approvals for the merger, Silicon Motion complied with its obligations under the agreement and Silicon Motion has not suffered a material adverse effect. Silicon Motion expects MaxLinear to abide by its obligation under the merger agreement and intends to vigorously enforce its rights under the merger agreement.” About Silicon Motion Silicon Motion is the global leader in supplying NAND flash controllers for solid state storage devices. Silicon Motion supplies more SSD controllers than any other company in the world for servers, PCs and other client devices and is the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications. Silicon Motion also supplies customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions. Silicon Motion’s customers include most of the NAND flash vendors, storage device module makers and leading OEMs. For further information on Silicon Motion, visit www.siliconmotion.com. Cautionary Statement Regarding Forward-Looking Statements: Information provided in this press release contains “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 forward-looking statements are based on Silicon Motion’s current...

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