Spectra7 Announces Christopher Morgan as New Director

Rhea-AI Summary

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.

Positive

• Appointment of Christopher Morgan expected to bring valuable cross-border transaction experience.
• Morgan's significant shareholder status may align his interests with those of other investors.

Negative

• Approval of Morgan's appointment is still pending, indicating some uncertainty.
• Consolidation of common shares may lead to short-term volatility in stock price.

SAN JOSE, Calif., Aug. 3, 2021 /PRNewswire/ -- (TSXV:SEV) (OTCQB:SPVNF) Spectra7 Microsystems Inc. ("Spectra7" or the "Company"), a leading provider of high-performance analog semiconductor products for broadband connectivity markets, is pleased to announce that Christopher Morgan has been appointed to its board of directors.

Mr. Morgan was a partner at the international law firm Skadden, Arps, Slate, Meagher & Flom LLP and managed the firm's Toronto office. During his 30 years at Skadden, he advised Canadian clients on complex U.S. legal matters, principally relating to cross-border debt and equity offerings, mergers and acquisitions and restructurings.

"Chris ran the Toronto office of one of the most prestigious law firms in the world, where he oversaw many transactions in the cross-border space," said Raouf Halim, Chief Executive Officer of Spectra7. "Chris is a long time significant shareholder of Spectra7. We have had discussions with him about joining our board since late 2020. We are proud to have him as a new director and we look forward to benefitting from his deep level of experience as we expand our business."

Mr. Morgan's appointment remains subject to approval of the TSX Venture Exchange.

Spectra7 also announces an update to the previously announced consolidation of the Company's common shares (the "Consolidation"). The Company now expects the Consolidation and trading of the common shares of the Company reflecting the Consolidation to commence on or about August 13, 2021. For further details on the Consolidation, please see the Company's press release dated July 29, 2021.

ABOUT SPECTRA7 MICROSYSTEMS INC.
Spectra7 Microsystems Inc. is a high-performance analog semiconductor company delivering unprecedented bandwidth, speed and resolution to enable disruptive industrial design for leading electronics manufacturers in virtual reality, augmented reality, mixed reality, data centers and other connectivity markets. Spectra7 is based in San Jose, California with a design center in Cork, Ireland and technical support location in Dongguan, China. For more information, please visit www.spectra7.com. 

Neither the TSX Venture Exchange nor its regulation services provided (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY NOTES
Certain statements contained in this press release constitute "forward-looking statements". All statements other than statements of historical fact contained in this press release, including, without limitation, the TSX Venture Exchange's approval of Mr. Morgan's appointment, the timing of the effective date of the Consolidation, the Company's strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company's Management's Discussion and Analysis for the year ended December 31, 2020. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

For more information, please contact:                         

Spectra7 Microsystems Inc.
John Mitchell
Investor Relations
650-269-3043
ir@spectra7.com

Spectra7 Microsystems Inc.
Bonnie Tomei
Chief Financial Officer
669-212-1089
pr@spectra7.com

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SOURCE Spectra7 Microsystems Inc.

FAQ

Who is Christopher Morgan and what is his role in Spectra7?

Christopher Morgan has been appointed as a director of Spectra7 Microsystems, bringing extensive legal experience in cross-border transactions.

What does the consolidation of common shares mean for SPVNF shareholders?

The consolidation may affect share price volatility and the overall share structure of SPVNF.

When will the trading of Spectra7’s consolidated shares begin?

Trading of the consolidated shares is expected to commence on or about August 13, 2021.

What experience does Christopher Morgan bring to Spectra7?

Morgan has over 30 years of experience advising on complex U.S. legal matters, primarily in debt and equity offerings, and mergers and acquisitions.