Business
QuickLogic Raises Approximately $3.2 Million with Strategic Investment by Institutional Investors
Funds will strengthen the Company's balance sheet and working capital to support continued growth and profitability objectives, including the hiring of
About this update from Quicklogic Corporation
[{"type":"text","content":"Funds will strengthen the Company's balance sheet and working capital to support continued growth and profitability objectives, including the hiring of additional engineersShares purchased by current institutional investorsSAN JOSE, Calif., Sept. 20, 2022 /PRNewswire/ -- QuickLogic Corporation (NASDAQ: QUIK) (\"QuickLogic\" or the \"Company\"), a developer of ultra-low power multi-core voice enabled SoCs, embedded FPGA IP, and Endpoint AI solutions, today announced current institutional investors have purchased 487,279 registered shares, or about 3.9 percent of the shares outstanding as of September 14, 2022, raising gross proceeds of approximately $3.2 million, at a price for each share of $6.57, in a registered direct offering. The offering was made without an underwriter or placement agent. \n\n \n \n \n \n \n \n\n \n\"We are fortunate to have the continued financial support from long-time shareholders that understand the tremendous opportunity in front of us to build upon our 30-years of expertise in delivering FPGA technology,\" said Brian Faith president and CEO of QuickLogic. \"Their offer to invest in QuickLogic amidst challenging market conditions is invaluable and will enable us to execute on our nearly $100 million sales funnel as we drive the business to profitability.\"\nA shelf registration statement was previously filed with the Securities and Exchange Commission (\"SEC\") and is effective. A prospectus supplement and accompanying prospectus describing the terms of the registered direct offering will be filed with the SEC. Copies of the prospectus supplement and the accompanying prospectus relating to the shares to be issued in the registered direct offering may be obtained for free by visiting the SEC's website at www.sec.gov.\nThis press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in the offering, nor will there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.\nAbout QuickLogic\nQuickLogic is a fabless semiconductor company that develops low power, multi-core semiconductor platforms and Intellectual Property (IP) for Artificial Intelligence (AI), voice and sensor processing. The solutions include an embedded FPGA I...