SAN JOSE, Calif. -- June 18, 2020 -- 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 the pricing of a firm commitment underwritten offering of 2,500,000 shares of its common stock at an offering price of $3.50 per share (the "Offering"). QuickLogic expects the gross proceeds from the Offering to be approximately $8.75 million, before deducting the underwriting discount and other estimated offering expenses. QuickLogic has also granted the underwriter a 30-day option to purchase up to an additional 375,000 shares of common stock offered in the public market. The Company expects to close the Offering on or about June 22, 2020, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the Offering for working capital, the development of next generation new products, including AI and open source hardware or software, and general corporate purposes. The Company may also use a portion of the net proceeds to acquire and/or license technologies and acquire and/or invest in businesses when the opportunity arises; however, the Company currently has no commitments or agreements and is not involved in any negotiations with respect to any such transactions.
Oppenheimer & Co. Inc. is acting as the sole underwriter for the Offering.
The Offering is being 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 Offering may only be made by means of a prospectus supplement and the accompanying prospectus. The preliminary prospectus supplement related to the Offering was filed with the SEC on June 17, 2020. The final prospectus supplement and accompanying prospectus will be filed with the SEC and, when available, 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.
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/.