The correction refers to an incomplete sentence "Shareholders representing approximately 41 per cent of the current outstanding voting rights of Sivers have committed to vote in favour of the transaction". This sentence has now been corrected: "Shareholders representing approximately 41 per cent of the current outstanding voting rights of Sivers have committed or indicated intention to vote in favour of the transaction."
- Combination will create a global leader in the fast-growing semiconductor market for 5G mmWave.
- Combined entity will accelerate Sivers' growth and expand its footprint in key, full spectrum mmWave use cases.
-
Stock and cash deal values MixComm at
USD 135-155 million (approximatelySEK 1,173-1,347 million )
Following completion, the enlarged Sivers group will be a global leader in 5G mmWave semiconductors, with strong capabilities and a broad joint IP portfolio of RFIC/BFIC (radio frequency/beam forming integrated circuits) chipsets in a wide variety of mmWave semiconductor technologies, including SiGe (Silicon Germanium) and RF-SOI (RF silicon-on-insulator). This IP portfolio will cover a broad spectrum of possible mmWave use cases such as unlicensed 5G, licensed 5G infrastructure, fixed wireless access (FWA) customer premises equipment (CPE) and satellite communications (
Through this combination, Sivers will increase its total number of design wins by approximately 70 per cent to 44, as well as double the number of design wins expected to enter volume production within the next 12 months, from eight to 16. MixComm currently has 18 design wins, including with a major Tier 1 5G infrastructure customer, and a significant pipeline of potential new customer opportunities. MixComm has approximately 20 patents currently filed, granted or exclusively licensed and reported
Driven by the exponential growth of the wireless connectivity and telecommunications sectors, the semiconductor industry is undergoing a significant technology-based transformation. This is supporting the deployment of new technologies such as the implementation of 5G connectivity, providing opportunities to reach new levels of efficiency and customer value.
Founded in 2017, MixComm is headquartered in
Completion of the acquisition is conditional upon, inter alia, the approval at an Extraordinary General Meeting (EGM) of Sivers to authorize the Board of Directors to issue the consideration shares as well as regulatory approval by CFIUS (the
Completion is expected to take place by mid-Q1 2022 subject to the fulfilment of all conditions. The consideration shares would represent approximately 29 per cent of the current outstanding share capital of Sivers (assuming the earn-out is paid in full). The shares issued to the sellers will be subject to a lock-up of 12 months for 50 per cent of the consideration shares and 18 months for the remaining 50 per cent of the consideration shares.
"We have worked closely with the MixComm team to finalize this acquisition and it has been a great pleasure getting to know many of the team members. MixComm has in a short time period been able to build a very impressive customer list as well as sales funnel. MixComm and Sivers have the same philosophy when it comes to building partnerships within the mmWave eco-system and by adding these eco-systems together we will create an even greater combined entity. I would like to welcome MixComm into the Sivers family and look forward to executing on all the exciting plans we have together", said
"Sivers and MixComm share a vision for mmWave's impact and potential. Combining with Sivers will accelerate that impact and amplify that potential. The MixComm team is proud of what we have achieved and excited where
we will go now as part of the Sivers family", said
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This information is information that
About Sivers
About MixComm
MixComm, based in
Sources and bases
(1) An exchange rate of
(2) The percentages of Sivers share capital to be issued pursuant to the transaction and for which EGM voting commitments have been secured are based on the current number of Sivers shares and voting rights in issue before the intended directed share issue.
Forward-looking statements
This press release contains forward-looking statements that reflect Sivers' intentions, assessments, or current expectations about and targets for Sivers' future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which Sivers operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or "might", or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Sivers believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Sivers does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this press release. Readers of this press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein speak only as of its date and are subject to change without notice. Neither Sivers nor anyone else undertakes to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release, unless it is required by law or Nasdaq Stockholm's rule book for issuers.
For more information contact: www.sivers-semiconductors.com
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