SMART Global Holdings, Inc. Ordinary Shares - SGH STOCK NEWS

SMART Global Holdings (NASDAQ: SGH) announced the grant of inducement awards to its new CFO, Ken Rizvi, effective February 15, 2021. The awards include 49,857 time-based restricted share units (RSUs) and performance-based restricted share units (PRSUs) with stock price appreciation conditions of 150% and 200%. The RSUs will vest over four years, while the PRSUs will vest annually over the same period, contingent on the stock price meeting specified thresholds. These grants align with NASDAQ rules and are part of the SMART Global Holdings 2021 Inducement Plan.

SMART Modular Technologies, a subsidiary of SMART Global Holdings (NASDAQ: SGH), has launched the SMART ARC™ anti-vibration retention clamp. This innovative product secures memory modules in harsh environments, enhancing reliability and performance. Key benefits include compatibility with standard single board computers, cost-effectiveness, and the ability to withstand high-vibration conditions with a shock level requirement of 30G. Available now, the SMART ARC is sold as part of kits with DDR4 memory modules designed for extreme conditions. The move aligns with growing data needs, ensuring memory modules remain secured for demanding applications.

SMART Global Holdings (SGH) announces the appointment of Ken Rizvi as Senior Vice President and Chief Financial Officer, effective February 15, 2021. Rizvi joins from UTAC Holdings, bringing over 20 years of experience in the technology sector. His transition allows current CFO Jack Pacheco to concentrate on his roles as Chief Operating Officer and President of SMART Modular Technologies. CEO Mark Adams expressed confidence in Rizvi’s financial expertise, which is expected to positively impact SGH's strategic growth and diversification efforts.

SMART Global Holdings, Inc. (NASDAQ: SGH) reported its Q1 fiscal 2021 results, showing net sales of $291.7 million, a 7.2% increase year-over-year. The GAAP net income rose to $2 million or $0.08 per share, compared to $0.2 million or $0.01 per share last year. Non-GAAP net income was $19.6 million or $0.78 per share, reflecting a significant growth of 46.4% from the prior year. Additionally, Adjusted EBITDA reached $29.5 million, up 25.4% year-over-year.

SMART Global Holdings (SGH) will host one-on-one meetings at the 23rd Annual Needham Virtual Growth Conference on January 11-12, 2021. Management will also participate in a fireside chat scheduled for January 12 at 2:00 p.m. ET, which can be streamed live on the SGH website. Interested participants can register for the conference and arrange meetings by contacting a representative at Needham & Company. SGH specializes in designing electronic products focused on computing and memory technology for various sectors, including enterprise and government.

SMART Global Holdings (SGH) will report its financial results for Q1 fiscal 2021 after the market closes on January 5, 2021. A conference call will follow at 1:30 p.m. PT to discuss the results and provide a future outlook. Investors can tune into the webcast available on the SGH website. The company specializes in designing and manufacturing products focused on computing and memory technology, servicing various sectors including enterprise and government.

SMART Global Holdings (Nasdaq: SGH) has entered an agreement to acquire Cree, Inc.’s LED Products business unit for up to $300 million. This transformative acquisition aims to enhance SMART's growth and diversification strategy in niche LED markets including specialty lighting. The deal is expected to be immediately accretive to Non-GAAP EPS, Free Cash Flow, and overall earnings consistency.

The acquisition includes a cash payment of $50 million upon closing with a seller-financed note and potential earn-out based on future performance.

SMART Global Holdings, Inc. (NASDAQ: SGH) reported its Q4 and full-year fiscal 2020 results, highlighting a strong finish with Q4 net sales of $297 million, up 6.7% year-over-year. GAAP net income was $7.5 million or $0.30 per share, while non-GAAP net income reached $20.4 million or $0.82 per share, reflecting a 72.2% increase. For FY20, net sales totaled $1.1 billion, down from $1.2 billion the previous year, with a GAAP net loss of $1.1 million. Management anticipates continued growth driven by strong relationships and operational capabilities.

MemVerge and Penguin Computing announced a partnership on Sept. 23, 2020, to launch the world's first Big Memory Computing Solutions. These solutions leverage DRAM and persistent memory to create powerful software-defined memory pools, addressing the growing demand for real-time applications. By 2024, nearly 25% of data created will be real-time, making this technology vital for enterprise-class data services. The collaboration enables faster processing and recovery times for large datasets, which is crucial for AI and HPC applications.