News: Microelectronics
19 March 2024
Vertical GaN power device firm Odyssey selling assets for $9.52m
Odyssey Semiconductor Technologies Inc of Ithaca, NY, USA — which develops high-voltage vertical power switching components based on proprietary gallium nitride (GaN) processing technology — has entered into a definitive agreement to sell its assets for $9.52m in cash to “a large semiconductor company”.
The buyer’s name is being withheld as confidential during the 20-calendar-day ‘go shop’ period (expiring on 1 April), which permits Odyssey’s board and its advisors Craig-Hallum Capital Group LLC to initiate and solicit alternative acquisition proposals from third parties. Odyssey’s board has the right to terminate the agreement to accept a superior proposal.
“We have been afforded an opportunity to shop this purchase opportunity for 20 calendar days in an effort to ensure as many interested parties as possible can accurately gauge the potential value of our technology and assets at this point in time,” notes CEO Rick Brown.
The asset sale, which was approved by Odyssey’s board of directors, is expected to close early in third-quarter 2024 (on or around 1 July, but no later than 10 July) subject to customary closing conditions, including approval
by Odyssey’s shareholders.
Upon completion of the transaction, Odyssey’s common stock will most likely cease to be listed on any and all public stock exchanges as soon as is practicable. The firm currently plans to wind down operations and hopes to pay out a liquidating dividend to the extent that funds are available at that time (currently estimated to be the end of 2024 at the earliest).
Odyssey names co-founder, CTO & board member Rick Brown as CEO
Odyssey signs letters of intent with customers for early-access sampling program
Odyssey delivers vertical GaN product samples to lead customers in Q1
