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Odyssey Semiconductor Technologies (OTC PINK:ODII) has announced a final liquidating distribution of $0.11 per share, totaling approximately $1.6 million, to be paid around December 23, 2024, to stockholders of record as of August 19, 2024. The company, which filed for dissolution on August 19, 2024, currently holds a cash balance of $1.837 million. After the distribution, approximately $61,000 will be reserved for tax liabilities and $169,000 for legal and dissolution expenses.
Following the Delaware statutory process, no claims were filed against the company during the 60-day notice period ending November 27, 2024. The company will seek a Delaware Court of Chancery order regarding cash reserves for potential future claims, though no additional distributions are expected.
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.
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