Key Developments For MoSys, Inc.
MoSys, Inc. (MOSY.O) (Consolidated Issue listed on NASDAQ Global Market)
MoSys Inc. Acquires Prism Circuits, Inc.
MoSys Inc. announced the acquisition of substantially all of the assets and business of privately held Prism Circuits, Inc., a profitable supplier of high data rate parallel and serial interface (I/O) IP. Under the terms of the agreement, MoSys paid approximately $13.5 million at the closing, and potentially will pay an additional earn-out amount of up to $6.5 million after the first anniversary of the closing date, subject to the attainment of specified milestones during the initial 12-month post-acquisition period. MoSys has not assumed any Prism stock options or employee equity incentive awards but has agreed to grant up to a maximum of 3.7 million shares of MoSys common stock under stock options or restricted stock units (RSUs) to 25 newly hired former Prism Circuits employees (with one RSU share equated to three option shares for this purpose).
MoSys Inc. Issues Q4, FY 2008 Guidance
MoSys Inc. announced that for the fourth quarter 2008, it expects total net revenue to range from $3.8-$4.1 million and expects an estimated net loss on a GAAP basis ranging from $6.9-$7.5 million. For fiscal 2008, the Company expects net revenue to range from $13.9-$14.2 million, and the estimated net loss on a GAAP basis is expected to range from $18.9-$19.5 million. These ranges include estimated restructuring charges of up to $3.3 million to be recorded in the fourth quarter 2008 associated with the Company's recently announced initiative to exit from its analog/mixed-signal product lines.
MoSys Inc. Announces Plan to Exit Analog/Mixed-Signal Product Lines
MoSys Inc. announced that it has initiated a plan to exit its analog/mixed-signal product lines, which include the mixed-signal chip designs acquired from Atmel Corporation in 2007. The plan reflects the Company’s initiative to exit unprofitable and non-core product lines, reduce losses from operations and focus on the development and licensing of its memory technologies. The Board of Directors has authorized management to pursue the sale of all or part of the assets associated with these product lines and this process is ongoing. Additionally, as a result of this action, the Company will eliminate approximately 90 positions associated with the analog/mixed-signal design teams located in China and Romania. The Company expects to complete the headcount reductions and related activities by the end of the first quarter of 2009.
MoSys Inc. And Key Asic Berhad's Key ASIC Inc. Collaborate To Bring Embedded Memory Solution
MoSys, Inc. and Key ASIC Inc., with its affiliate Key Asic Berhad, announced collaborate to bring embedded memory solution to the resolution portable LCD driver market.
MoSys Inc. Issues Q3 2008 Outlook
MoSys Inc. announced that for third quarter of 2008, it expects net revenue ranging from $3.9-$4.2 million and net loss on a GAAP basis ranging from $3.0-$3.3 million.
