QuickLogic Corporation Announces Partial Exercise of Over-Allotment Option Related to Public Offering of Common Stock

Rhea-AI Summary

QuickLogic Corporation (NASDAQ: QUIK) has completed the sale of 141,733 additional shares of common stock, raising approximately $461,341 in net proceeds from the underwriter's option to purchase for over-allotments. This sale is part of a larger public offering that generated around $8.10 million in net proceeds. Following this issuance, QuickLogic now has 11,055,490 shares outstanding. The offering is governed under a shelf registration statement effective since March 29, 2019.

Positive

• Raised approximately $461,341 in net proceeds from the additional share sale.
• Total net proceeds from the recent public offering reached around $8.10 million.

Negative

• Dilution risk due to the issuance of additional shares.
• -

SAN JOSE, Calif., July 21, 2020 /PRNewswire/ -- QuickLogic Corporation (NASDAQ: QUIK) ("QuickLogic" or the "Company"), a developer of ultra-low-power multi-core voice-enabled system-on-chips ("SoCs"), embedded FPGA intellectual property, Internet of Things ("IoT"), and endpoint artificial intelligence ("AI") solutions, today announced that it had completed the sale of 141,733 additional shares of common stock pursuant to the partial exercise of the underwriter's option to purchase additional shares of common stock for the purpose of covering over-allotments in connection with the Company's recently announced public offering, resulting in additional net proceeds to the Company of approximately $461,341 after deduction of underwriting discounts.

During the Company's recent public offering, including the underwriter's partial exercise of its option to purchase additional shares of common stock for the purpose of covering over-allotments, the Company raised an aggregate of approximately $8.10 million in net proceeds, after deducting underwriting discounts and commissions and our expenses related to the offering. After giving effect to the shares issued in the offering, the Company now has 11,055,490 shares outstanding.

Oppenheimer & Co. Inc. acted as the sole underwriter for the Offering.

The Offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-230352) that was declared effective by the Securities and Exchange Commission (the "SEC") on March 29, 2019. The preliminary prospectus supplement related to the Offering was filed with the SEC on June 17, 2020, and the final prospectus supplement and accompanying prospectus was filed with the SEC on June 18, 2020.  Copies of the final prospectus supplement and accompanying base prospectus may be obtained by visiting EDGAR on the SEC's website at www.sec.gov, or by contacting Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY, 10004, by telephone at (212) 667-8563, or by email at EquityProspectus@opco.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the Offering. There shall not be any sale of these securities in any state or jurisdiction in which such offering, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About QuickLogic
QuickLogic is a fabless semiconductor company that develops low-power, multi-core semiconductor platforms and Intellectual Property ("IP") for Artificial Intelligence ("AI"), voice and sensor processing. The solutions include an embedded FPGA IP ("eFPGA") for hardware acceleration and pre-processing, and heterogeneous multi-core SoCs that integrate eFPGA with other processors and peripherals. The Analytics Toolkit from the Company's wholly-owned subsidiary, SensiML Corporation, completes the end-to-end solution with accurate sensor algorithms using AI technology. The full range of platforms, software tools and eFPGA IP enables the practical and efficient adoption of AI, voice and sensor processing across  mobile, wearable, hearable, consumer, industrial, edge and endpoint IoT. For more information, visit www.quicklogic.com and https://www.quicklogic.com/blog/.

Forward Looking Statements
This press release contains forward-looking statements regarding our future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include statements regarding, but not limited to, the anticipated closing of the Offering and the expected uses of the proceeds from the Offering. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "should," "expect," "anticipate," "estimate," "continue" or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, including market conditions and future decisions regarding the Company's use of cash resources, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider these and other potential factors and uncertainties that could cause actual results to differ from the results predicted, including those described in more detail in the Company's public reports filed with the SEC, including the risks discussed in the "Risk Factors" section in the Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and in the Company's prior press releases, which are available on the Company's Investor Relations website at http://ir.quicklogic.com/ and on the SEC's website at www.sec.gov. In addition, please note that the date of this press release is July 21, 2020, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

ArcticLink, QuickLogic and the QuickLogic logo are registered trademarks and EOS and ArcticPro are trademarks of QuickLogic Corporation. All other brands or trademarks are the property of their respective holders and should be treated as such.

CODE: QUIK-E

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SOURCE QuickLogic Corporation

FAQ

What was the amount raised in QuickLogic's additional share sale?

QuickLogic raised approximately $461,341 from the sale of 141,733 additional shares.

What is the total net proceeds from QuickLogic's public offering?

The total net proceeds from QuickLogic's recent public offering amounted to around $8.10 million.

How many shares are outstanding after the offering and additional sale?

After the offering and additional share sale, QuickLogic has 11,055,490 shares outstanding.

Who acted as the underwriter for QuickLogic's public offering?

Oppenheimer & Co. Inc. was the sole underwriter for the public offering.

What registration statement governs the offering by QuickLogic?

The offering is made pursuant to a shelf registration statement on Form S-3 effective since March 29, 2019.