byNordic Acquisition Corporation Signs Letter of Intent for Business Combination with Sivers Semiconductors’ Wholly Owned Photonics Subsidiary
byNordic Acquisition (BYNO) has signed a non-binding Letter of Intent with Sivers Semiconductors AB to merge Sivers' wholly owned subsidiary, Sivers Photonics, with byNordic. Sivers Photonics designs and manufactures advanced semiconductor lasers for photonic devices, targeting AI in data centers, optical communications, and sensing applications. The merger aims to create an independent US NASDAQ-listed photonics company, addressing a projected $5 billion total addressable market for chip-to-chip connectivity by 2027.
Sivers Photonics' technology is important for generative AI, high-performance computing, autonomous vehicles, and smart factories. The company's silicon photonics solutions offer faster data transmission, lower latency, and up to 90% reduction in power consumption compared to copper wire solutions. With 80 global employees and a unique production facility in Glasgow, UK, Sivers Photonics is well-positioned to capitalize on the rapidly expanding market for AI infrastructure technologies.
byNordic Acquisition (BYNO) ha firmato una Lettera di Intenti non vincolante con Sivers Semiconductors AB per fondere la controllata interamente posseduta da Sivers, Sivers Photonics, con byNordic. Sivers Photonics progetta e produce laser a semiconduttore avanzati per dispositivi fotonici, con un focus sull'intelligenza artificiale nei data center, nelle comunicazioni ottiche e nelle applicazioni di sensori. La fusione mira a creare un'azienda fotonica indipendente quotata al NASDAQ statunitense, affrontando un mercato totale indirizzabile previsto di 5 miliardi di dollari per la connettività chip-to-chip entro il 2027.
La tecnologia di Sivers Photonics è fondamentale per l'AI generativa, il calcolo ad alte prestazioni, i veicoli autonomi e le fabbriche intelligenti. Le soluzioni di fotonica al silicio dell'azienda offrono trasmissione dati più veloce, minore latenza e una riduzione fino al 90% del consumo energetico rispetto alle soluzioni in rame. Con 80 dipendenti a livello globale e un impianto di produzione unico a Glasgow, Regno Unito, Sivers Photonics è ben posizionata per capitalizzare sul mercato in rapida espansione delle tecnologie per le infrastrutture AI.
byNordic Acquisition (BYNO) ha firmado una Carta de Intenciones no vinculante con Sivers Semiconductors AB para fusionar la filial de propiedad total de Sivers, Sivers Photonics, con byNordic. Sivers Photonics diseña y fabrica láseres avanzados de semiconductores para dispositivos fotónicos, con un enfoque en la inteligencia artificial en centros de datos, comunicaciones ópticas y aplicaciones de sensores. La fusión tiene como objetivo crear una empresa fotónica independiente cotizada en el NASDAQ de EE. UU, abordando un mercado total direccionable proyectado de 5 mil millones de dólares para la conectividad de chip a chip para 2027.
La tecnología de Sivers Photonics es importante para la IA generativa, la computación de alto rendimiento, los vehículos autónomos y las fábricas inteligentes. Las soluciones de fotónica de silicio de la empresa ofrecen una transmisión de datos más rápida, menor latencia y hasta un 90% de reducción en el consumo de energía en comparación con las soluciones de cable de cobre. Con 80 empleados en todo el mundo y una instalación de producción única en Glasgow, Reino Unido, Sivers Photonics está bien posicionada para capitalizar el mercado en rápida expansión de las tecnologías de infraestructura de IA.
byNordic Acquisition (BYNO)는 Sivers Semiconductors AB와 비구속적 의향서를 체결하고 Sivers의 전액 소유 자회사인 Sivers Photonics를 byNordic와 합병하기로 했습니다. Sivers Photonics는 데이터 센터의 AI, 광통신 및 센서 애플리케이션을 목표로 하는 포토닉 장치를 위한 고급 반도체 레이저를 설계 및 제조합니다. 이번 합병의 목표는 2027년까지 칩 대 칩 연결을 위한 50억 달러의 총 주소able 시장을 겨냥한 미국 NASDAQ에 상장된 독립적인 포토닉 회사 설립입니다.
Sivers Photonics의 기술은 생성 AI, 고성능 컴퓨팅, 자율주행차 및 스마트 공장에 매우 중요합니다. 회사의 실리콘 포토닉스 솔루션은 구리 와이어 솔루션에 비해 데이터 전송 속도가 더 빠르고 지연 시간이 짧으며 최대 90%의 전력 소비 절감 효과를 제공합니다. 전 세계에 80명의 직원과 영국 글래스고에 있는 독창적인 생산 시설을 갖춘 Sivers Photonics는 AI 인프라 기술의 급속히 확장되는 시장에서 경쟁력을 갖추고 있습니다.
byNordic Acquisition (BYNO) a signé une lettre d'intention non contraignante avec Sivers Semiconductors AB pour fusionner la filiale entièrement détenue de Sivers, Sivers Photonics, avec byNordic. Sivers Photonics conçoit et fabrique des lasers à semi-conducteurs avancés pour des dispositifs photoniques, visant l'IA dans les centres de données, les communications optiques et les applications de capteurs. La fusion vise à créer une entreprise photonique indépendante cotée au NASDAQ américain, abordant un marché adressable total prévu de 5 milliards de dollars pour la connectivité chip-to-chip d'ici 2027.
La technologie de Sivers Photonics est essentielle pour l'IA générative, l'informatique haute performance, les véhicules autonomes et les usines intelligentes. Les solutions de photonique sur silicium de l'entreprise offrent une transmission des données plus rapide, une latence réduite et jusqu'à 90% d'économie d'énergie par rapport aux solutions à base de cuivre. Avec 80 employés à l'échelle mondiale et une installation de production unique à Glasgow, au Royaume-Uni, Sivers Photonics est bien positionnée pour tirer parti du marché en pleine expansion des technologies d'infrastructure AI.
byNordic Acquisition (BYNO) hat ein unverbindliches Letter of Intent mit Sivers Semiconductors AB unterzeichnet, um die vollständig im Besitz von Sivers befindliche Tochtergesellschaft Sivers Photonics mit byNordic zu fusionieren. Sivers Photonics entwirft und stellt fortschrittliche Halbleiterlaser für photonische Geräte her, die auf KI in Rechenzentren, optische Kommunikation und Sensortechnologien abzielen. Ziel der Fusion ist die Schaffung eines unabhängigen, an der NASDAQ in den USA notierten Photonikunternehmens, das einen voraussichtlichen adressierbaren Gesamtmarkt von 5 Milliarden Dollar für Chip-zu-Chip-Verbindungen bis 2027 anspricht.
Die Technologie von Sivers Photonics ist entscheidend für generative KI, leistungsstarkes Rechnen, autonome Fahrzeuge und intelligente Fabriken. Die Silizium-Photoniklösungen des Unternehmens bieten schnellere Datenübertragungen, geringere Latenzzeiten und eine bis zu 90%ige Reduzierung des Energieverbrauchs im Vergleich zu Kupferdrahtlösungen. Mit 80 globalen Mitarbeitern und einer einzigartigen Produktionsstätte in Glasgow, Großbritannien, ist Sivers Photonics gut positioniert, um vom schnell wachsenden Markt für KI-Infrastrukturtechnologien zu profitieren.
- Merger targets a projected $5 billion total addressable market for chip-to-chip connectivity by 2027
- Sivers Photonics' technology offers up to 90% reduction in power consumption compared to copper wire solutions
- Company engaged with Fortune 100 and leading hyperscalers
- Received milestone order from Ayar Labs for volume production qualification
- Unique production facility in Glasgow, UK for specialized laser manufacturing
- 80 global employees including 12 PhDs
- 3 issued patents and 16 patents pending across multiple countries
- Merger subject to completion of due diligence, definitive agreement, and regulatory approvals
- Transaction requires securing concurrent financing
- Potential integration challenges in establishing new headquarters in Silicon Valley
Insights
The proposed merger between byNordic and Sivers Photonics is a significant strategic move with potential for substantial value creation. The deal aims to capitalize on the booming AI infrastructure market, estimated to reach a
Sivers Photonics' technology is at the forefront of AI infrastructure evolution. Their tunable multi-wavelength lasers for direct on-chip integration are important for addressing the bottlenecks in generative AI processing. The company's engagement with Fortune 100 companies and leading hyperscalers, along with the milestone order from Ayar Labs, validates its market position. The projected growth to 18 million GPU units for generative AI underscores the massive potential. Sivers Photonics' unique manufacturing capabilities, with one of the few independent factories globally for specialized lasers and semiconductor optical amplifiers, provide a competitive edge. Their intellectual property portfolio, including 3 issued patents and 16 pending, further strengthens their market position. The planned Silicon Valley HQ will likely enhance collaboration with key industry players.
This merger taps into multiple high-growth markets beyond AI infrastructure. Sivers Photonics is also targeting biometric sensors and autonomous automotive applications, both billion-dollar opportunities. The company's technology aligns with the critical need for energy-efficient solutions in data centers, addressing a major industry concern. The projected doubling of data center electricity consumption by 2030 creates a strong demand driver for Sivers Photonics' solutions. However, investors should consider the competitive landscape and potential regulatory challenges in these rapidly evolving markets. The company's ability to scale production and maintain technological leadership will be crucial. The planned U.S. listing could improve visibility and access to capital, potentially accelerating growth. Overall, the merger positions Sivers Photonics to capitalize on multiple high-growth technology trends.
Merger Expected to Unlock Significant Value as Independent US NASDAQ Listed Photonics Company
NEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) -- byNordic Acquisition Corporation (“byNordic”, Nasdaq: BYNO), a publicly traded special purpose acquisition company, has signed a non-binding Letter of Intent (LOI) with Sivers Semiconductors AB (“Sivers”, STO: SIVE), a leading supplier of wireless and photonic integrated chips and modules for communications and sensor solutions, to merge its wholly owned Sivers Photonics Ltd subsidiary (“Sivers Photonics”) with byNordic.
Sivers Photonics designs and manufactures advanced semiconductor lasers for photonic devices, primarily targeted for Artificial Intelligence (AI) in large data centers, optical communications and optical sensing applications. These lasers are critical components for several current and future technologies, such as generative AI, high performance computing connectivity, autonomous vehicles and smart factories.
Sivers Photonics is a leading company with tunable multi-wavelength lasers for direct on-chip integration. According to industry research, the number of sold GPUs for generative AI will grow substantially to approximately 18 million units, which management estimates will result in a total addressable market for chip-to-chip connectivity of
Sivers Photonics is currently engaged with some of the world’s largest technology companies, including Fortune 100 and leading hyperscalers. Further validating its position as a key potential supplier in generative AI, in 2023 Sivers Photonics received a milestone order from Ayar Labs for the qualification of volume production of its unique laser arrays. Sivers Photonics’ production facility located in Glasgow, UK is one of a few independent factories in the world that develops and manufactures specially adapted lasers and semiconductor optical amplifiers in chip and wafer form. Sivers Photonics currently has 80 global employees, including 12 PhDs, with three issued patents and 16 patents pending across the US, UK, Canada and the World Intellectual Property Organization.
“The global market for innovative technologies that can efficiently process and significantly reduce power consumption across AI infrastructure is massive and rapidly expanding,” said Michael Hermansson, byNordic’s Chief Executive Officer. “We believe that Sivers Photonics is an ideal target for byNordic and that it is well positioned to capitalize on this significant market opportunity with exceptional growth potential. As a standalone publicly traded entity, Sivers Photonics will gain access to the U.S. capital markets and institutional investors while establishing a strong collaborative presence in the predominant geographical region of its current and targeted customers and partners. The proposed structure of this transaction is highly favorable to Sivers’ shareholders, and when combined with the expected demand for integrated photonics in AI infrastructure, biometric sensors and automotive markets, we believe that this combination represents a unique opportunity for both companies and our respective stakeholders.”
Under the terms of the non-binding LOI, byNordic and Sivers intend to enter into a definitive agreement for the acquisition of Sivers Photonics. The completion of the business combination is subject to the completion of due diligence, the negotiation and execution of definitive documentation and satisfaction of the conditions contained therein, including (i) securing certain concurrent financing, (ii) completion of any required stock exchange and regulatory reviews and (ii) approval of the transaction by byNordic’s and Sivers Photonics’ Boards of Directors and stockholders. The terms of the proposed transaction provide that Sivers Photonics would be spun out and merged with byNordic, with the former equity holders of both Sivers Photonics and byNordic (following the completion of the Business Combination) holding equity in the combined publicly listed company, with Sivers holding majority ownership in the combined publicly listed company. Once the merger is finalized, the company plans to establish headquarters in Silicon Valley, CA with the manufacturing operations remaining in the U.K.
Loeb & Loeb LLP is acting as legal counsel to byNordic, and Pillsbury Winthrop Shaw Pittman LLP and Setterwalls are acting as legal counsel to Sivers and Sivers Photonics on the proposed combination.
FORWARD-LOOKING STATEMENTS
The disclosure herein includes certain statements that are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics and projections of market opportunity and expectations, byNordic’s ability to enter into a definitive agreement or consummate a transaction with the target company and byNordic’s ability to obtain the financing necessary to consummate the potential transaction. These statements are based on various assumptions and on the current expectations of byNordic’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of byNordic and the target company. These forward-looking statements are subject to a number of risks and uncertainties, including: byNordic’s ability to enter into a definitive agreement with respect to the proposed business combination or consummate a transaction with the target company; the risk that the approval of the stockholders of byNordic for the potential transaction is not obtained; failure to realize the anticipated benefits of the potential transaction, including as a result of a delay in consummating the potential transaction; the amount of redemption requests made by byNordic’s stockholders and the amount of funds remaining in byNordic’s trust account after satisfaction of such requests; those factors discussed in byNordic’s prospectus for its initial public offering under the heading “Risk Factors,” and other documents of byNordic filed, or to be filed, with the SEC. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that byNordic presently does not know or that byNordic currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect byNordic’s expectations, plans or forecasts of future events and views as of the date hereof. byNordic anticipates that subsequent events and developments will cause byNordic’s assessments to change. However, while byNordic may elect to update these forward-looking statements at some point in the future, byNordic specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing byNordic’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. byNordic undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
About byNordic Acquisition Corporation
byNordic Acquisition Corporation, led by Chief Executive Officer Michael Hermansson, is a special purpose acquisition company formed with the purpose of entering into a business combination with one or more businesses. While the Company may pursue an initial business combination with a company in any sector or geography, has focused its search on high technology growth companies based in the northern part of Europe.
About Sivers Semiconductors AB
Sivers Semiconductors AB (SIVE.ST) is a leader in SATCOM, 5G, 6G, Photonics, and Silicon Photonics that drives innovation in global communications and sensor technology. Our business units, Photonics and Wireless, supply cutting-edge, integrated chips and modules critical for high-performance gigabit wireless and optical networks. Catering to a broad spectrum of industries from telecommunication to aerospace, we fulfill the increasing demand for computational speed and AI application performance, replacing electric with optical connections for a more sustainable world. Our wireless solutions are forging paths in advanced SATCOM/5G/6G systems, while our photonics expertise is revolutionizing custom semiconductor photonic devices for optical networks and optical sensing, making us a trusted partner to Fortune 100 companies as well as emerging unicorns. With innovation at our core, Sivers Semiconductors is committed to delivering bespoke, high-performance solutions for a better-connected and safer world. Discover our passion for perfection at www.sivers-semiconductors.com.
Investor Relations Contacts:
Shelton Group
Leanne K. Sievers | Joel Achramowicz
E: sheltonir@sheltongroup.com
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