SPECTRA7 MICROSYSTEMS INC - SPVNF STOCK NEWS

Spectra7 Microsystems Inc. reported preliminary unaudited Q3 2021 results, expecting revenue of approximately $1.5 million, up over 400% year-over-year and 100% sequentially from Q2 2021. Gross margin is anticipated at 58%, slightly down from Q2 2021's 59%. For Q4 2021, revenue is projected to range between $2.5 million and $3.5 million, driven by a burgeoning backlog exceeding $7.2 million. The company aims for EBITDA profitability in Q4 2021, indicating strong operational growth.

Spectra7 Microsystems Inc. (OTCQB: SPVNF) has announced a significant achievement in collaboration with Foxconn, reaching error-free performance on Broadcom's Tomahawk 3 switch using their new 34AWG 200Gbps Active Copper Cable (ACC). These cables, measuring 2.5m, are thinner and more flexible than traditional options, enhancing performance in data centers. This milestone is poised to boost Spectra7's adoption in the burgeoning AI and ML markets, projected to grow at 39.7% and 43.8% CAGR respectively through 2025, indicating a robust future for the company.

Spectra7 Microsystems Inc. (SPVNF) has partnered with MultiLane Inc. to showcase its innovative 112G PAM4 GaugeChanger chip at the 2021 China International Optoelectronic Expo. This technology aims to support the increasing demand for 800Gbps data center interconnects, effectively extending copper cable reach by 2.5 times, up to 4 meters, while consuming only 200mW of power per channel—significantly lower than optical alternatives. The product is expected to enter mass production in 2022, addressing critical needs in the data center interconnect market.

Spectra7 Microsystems Inc. has filed articles of amendment to consolidate its common shares, with one new share issued for every 50 existing shares, effective August 13, 2021. This will reduce the total shares from approximately 1.06 billion to around 21.13 million. Shareholders' percentage ownership remains largely unchanged post-consolidation. Additionally, the exercise price of the company's outstanding warrants and convertible debentures will be adjusted accordingly. Spectra7 is focused on high-performance analog semiconductors for markets such as virtual and augmented reality.

Spectra7 Microsystems Inc. (OTCQB:SPVNF) will present at the SNN Network Summer Virtual Event 2021 on August 18 at 1PM ET. CEO Raouf Halim will lead the presentation and address investor questions. Interested participants can join by registering on the event's platform. The event will also offer 1-on-1 meetings via secure video conference. If unable to attend live, all presentations will be accessible afterward. Spectra7 specializes in high-performance analog semiconductor products for broadband connectivity markets.

Spectra7 Microsystems Inc. announced the appointment of Christopher Morgan to its board of directors, pending TSX Venture Exchange approval. Morgan, a former partner at Skadden, Arps, brings 30 years of experience in U.S. legal matters, particularly in cross-border transactions. His longstanding investment in Spectra7 highlights his commitment to the company. Additionally, the company updated its timeline for the consolidation of common shares, expected to commence on or about August 13, 2021.

Spectra7 Microsystems Inc. announced a share consolidation on July 19, 2021, with shareholders approving a 1-for-50 share consolidation, reducing shares from 1,056,538,784 to approximately 21,130,775. This change aims to maintain shareholders' proportional ownership and voting power. The consolidation is slated to take effect around August 6, 2021, pending TSX Venture Exchange approval. Additionally, the company filed articles of continuance to shift its jurisdiction to Ontario, enhancing its ability to attract suitable board candidates.

Spectra7 Microsystems Inc. announced the appointment of Bonnie Tomei as the new Chief Financial Officer, effective July 13, 2021. Tomei, with over 15 years of finance experience, has previously held key positions at semiconductor firms like Achronix and Aquantia. Her expertise includes managing financial operations during rapid growth phases. The retirements of interim CFO Dave Mier and Senior VP of Sales Jerry Hamilton were also noted. This transition is expected to fortify Spectra7's strategic direction in the growing data center market.

Spectra7 Microsystems Inc. has announced its shares will now trade on the OTCQB under the symbol SPVNF, effective June 21, 2021. This registration aims to boost visibility among US investors and enhance liquidity as the company grows in the data center market. Additionally, it has received DTC eligibility, simplifying trading processes. Spectra7 will continue to trade on the TSX Venture Exchange as TSXV:SEV. CEO Raouf Halim expressed optimism about the company's expansion efforts in the second half of 2021.