ODYSSEY SEMCONDCTR TECH - ODII STOCK NEWS

Odyssey Semiconductor Technologies (OTC:ODII) has announced its final dissolution timeline following the sale of its assets to Power Integration, Inc. on July 1, 2024. The company plans to set August 19, 2024 as the Final Record Date for dissolution, subject to FINRA processing. On this date, Odyssey will file for dissolution in Delaware and cease operations. FINRA is expected to remove ODII from the OTC Expert Market around this time.

Following dissolution, Odyssey will follow Delaware law procedures to address claims and determine security for potential liabilities. The company currently has $1,673,804 in its bank account with known liabilities of about $150,000. A liquidating cash distribution to shareholders is planned between March and June 2025, but the amount and timing are uncertain due to potential claims and court proceedings.

Odyssey Semiconductor Technologies (OTC PINK: ODII) announced that its shareholders have approved the sale of nearly all its assets to Power Integration, a developer of high-voltage integrated circuits. The approval was obtained at a special meeting on June 3, 2024, with about 99% of votes cast in favor. The results will be filed with the SEC. The sale follows a go-shop period for alternative proposals, ending April 1, 2024. The transaction is expected to close in early July, after which Odyssey plans to delist from the OTC market, cease operations, and distribute any remaining funds to shareholders.

Power Integrations, a leader in high-voltage integrated circuits for energy-efficient power conversion, announced the acquisition of Odyssey Semiconductor Technologies, a developer of vertical gallium-nitride (GaN) transistor technology. The transaction is expected to close in July 2024, with all key Odyssey employees joining Power Integrations. This acquisition will support the development of Power Integrations' PowiGaN™ technology, enhancing their product families and expanding their voltage and power capabilities.

Odyssey Semiconductor Technologies, Inc. (ODII) announces a definitive agreement to sell its assets to a large semiconductor company for $9.52 million in cash. The deal is subject to a 'go shop' period and shareholder vote in Q2 2024. The transaction, approved by the Odyssey Board, is expected to close in Q3 2024. Net proceeds after expenses may leave approximately $1.3 million to be shared among common shareholders.

Odyssey Semiconductor Technologies, Inc. (OTCQB:ODII) reported its Q4 and full year 2023 results, focusing on scaling Vertical GaN technology for high-voltage power switching components. The company aims to offer greater commercial advantages over silicon, silicon carbide, or lateral GaN. Odyssey's market includes the fast-growing 650 and 1200-volt segments, projected to exceed $5 billion in 2027 with a 40% CAGR. Recent advancements include strategic financing, foundry services projects, and Chairman's debt restructuring.

Odyssey Semiconductor Technologies, Inc. (OTCQB:ODII) announced the appointment of Rick Brown as CEO, replacing Mark Davidson. The company is developing high-voltage power switching components using proprietary Gallium Nitride ("GaN") processing technology, aiming to secure longer-term financing and explore strategic alternatives while facing financial constraints. Odyssey has made progress in scaling its Vertical GaN technology and developing a larger device to demonstrate the technology's potential for customer use, offering significant commercial advantages over competing technologies. The company is also making headway with foundry services projects, expecting recurring revenue clients for 2024 and beyond.

Odyssey Semiconductor Technologies, Inc. (OTCQB:ODII) reported its third quarter 2023 results, highlighting significant advancements, including a signed MOU with a GaN partner, a letter of support from a major European car manufacturer, and participation in an industrial motor power density challenge. The company remains financially constrained but anticipates outcomes from investor and strategic partner conversations by year-end. With a 40% CAGR to 2027 in its addressable market, Odyssey is uniquely positioned in the high growth megatrend movement to high voltage, offering commercial advantages over competing technologies.