Key Developments For QuickLogic Corp
QuickLogic Corp (QUIK.O) (Consolidated Issue listed on NASDAQ Global Market)
QuickLogic Corporation Announces $6.24 Million Registered Direct Offering
QuickLogic Corporation announced that it has entered into definitive agreements with a select group of institutional investors to sell an aggregate of 4,305,929 shares of common stock and warrants to purchase up to an aggregate of 3,229,446 shares of common stock in a registered direct offering. The common stock and warrants will be sold in units (the Units), with each Unit consisting of (i) one share of common stock and (ii) a warrant to purchase 0.75 of a share of common stock, at a negotiated purchase price of $1.45 per Unit. The Company expects to receive gross proceeds from the offering of approximately $6.24 million, before deducting placement agent's fees and estimated offering expenses. The Company's costs in connection with the offering are expected to be approximately $0.7 million. The Warrants are exercisable any time after the six month anniversary of the date of issuance until the 66 month anniversary of the date of issuance, and will be exercisable at a price of $2.15 per share. The transaction is expected to close on or about November 20, 2009. The Company intends to use the net proceeds from the sale of the Units pursuant to this offering for general corporate purposes, including without limitation, sales and marketing activities, research and development, capital expenditures and working capital. Needham & Company, LLC served as the exclusive placement agent for the offering.
QuickLogic Corporation Lowers Q2 2009 Revenue Guidance
QuickLogic Corporation updated its revenue outlook for the second quarter of 2009. During the second quarter of 2009, new product revenue increased nearly 25%. However, due to a sharp decrease in demand for its legacy products sold into U.S. and Western European markets, total second quarter revenue is anticipated to be between $2.8 million and $3.0 million, which is below the guidance issued on April 28, 2009. According to Reuters Estimates, analysts on average are expecting the Company to report revenues of $4.9 million for the second quarter of 2009.
QuickLogic Corporation Issues Q2 2009 Revenue Guidance Below Analysts' Estimates-Conference Call
QuickLogic Corporation announced that for the second quarter of 2009, it expects revenue to be essentially flat at $4.5 million plus or minus 10%. According to Reuters Estimates, analysts are expecting the Company to report revenue of $5.5 million for the same period.
QuickLogic Corporation Promotes Andy Pease To President
QuickLogic Corporation announced the promotion of Andy Pease to the position of President of the Company, effective March 30, 2009.
QuickLogic Corporation Issues Q1 2009 Revenue Guidance In Line With Analysts' Estimates-Conference Call
QuickLogic Corporation announced that for the first quarter of 2009, it expects revenue of 15% sequential decline from the fourth quarter 2008 to $5 million plus or minus 10%. The Company reported revenues of $5.91 million for the fourth quarter of 2008. According to Reuters Estimates, analysts on average are expecting the Company to report revenues of $5.10 million for the same period.
