News: Microelectronics
19 December 2024
Odyssey announces liquidation distribution
Odyssey Semiconductor Technologies Inc of Ithaca, NY, USA says that its only, and final, liquidating distribution will be of $0.11 per share, to be paid on or about 23 December, to holders of its common stock, as of the record date of 19 August.
Odyssey was a developer of high-voltage vertical power switching components based on proprietary gallium nitride (GaN) processing technology. But on 7 May, it was announced that its assets were to be acquired by Power Integrations Inc of San Jose, CA, USA (which provides high-voltage integrated circuits for energy-efficient power conversion), with all key Odyssey employees joining Power Integrations’ technology organization. The acquisition was completed on 1 July.
Pursuant to Odyssey’s plan of complete liquidation, dissolution and distribution of assets, approved by the stockholders special meeting on 3 June, the distribution will result in the complete redemption and cancellation of all of the outstanding capital stock.
As of 17 December, Odyssey has a cash balance of about $1.837m. At the board of directors’ discretion, after payment of $0.11 per share, or $1,606,096.91 in total for the distribution, the company has reserved cash of about $61,000 for payments for federal and state tax liabilities and related expenses, and $169,000 for legal and other third-party dissolution expenses and both accrued and anticipated obligations.
Following the distribution, the company will file a verified petition with the Delaware Court of Chancery to seek a court order to determine the amount of cash reserves, if any, to be set aside as a security to address any potential claims, if any, that may arise against it.
Odyssey sets 19 August as final dissolution date
Power Integrations to acquire vertical GaN power device firm Odyssey
