Semtech Announces Accelerated Vesting of Comcast Warrant
03 Mayo 2018 - 3:30PM
Semtech Corporation (Nasdaq:SMTC) a leading supplier of high
performance analog, mixed-signal semiconductors and algorithms,
today announced that it has accelerated the vesting of the
remaining 586,956 unvested shares from the Warrant originally
issued to a subsidiary of Comcast (Nasdaq: CMCSA) on October 5,
2016. The Warrant is now fully-vested and exercisable for a total
of 869,565 shares.
Comcast has continued to make solid progress on the rollout of
its comprehensive LoRaWAN™ network. As its deployment has matured,
Comcast has shifted deployment efforts to better target high-value
strategic markets by providing extensive coverage within these
markets before expanding regional coverage to new markets. The
Company noted that while this change in priorities has been in the
best interest of both the Company and Comcast, these priorities
were not anticipated in the original vesting terms of the Warrant.
In order to encourage the proper allocation of Comcast resources,
and in recognition of its network deployment and widespread
use-case accomplishments related to the LoRaWAN open protocol, the
Company concluded that it was appropriate to accelerate the vesting
on the remaining unvested Warrant shares.
“We are pleased with the speed and extensiveness by which
Comcast has executed the deployment of Semtech’s LoRa technology to
enable its machineQ™ platform. Comcast’s efforts in the deployment
of LoRaWAN networks in various U.S. markets is further helping to
establish the LoRaWAN protocol as the de facto standard for LPWAN
deployments,” stated Mohan Maheswaran President and Chief Executive
Officer of Semtech Corporation.
As a result of this action, the Company expects to record
expense related to the Warrant of $21.5 million, including $15.9
million related to this acceleration, which will be reflected as a
reduction to GAAP net sales in our first fiscal quarter ended April
29, 2018. Because the Warrant is now fully vested, the Company does
not expect to record any additional expense related to the Warrant
in future periods. The Company will discuss this in more detail
during its fiscal first quarter earnings conference call
tentatively scheduled for May 30, 2018.
About SemtechSemtech Corporation is a leading
supplier of high performance analog, mixed-signal semiconductors
and algorithms for high-end consumer, enterprise computing,
communications, and industrial equipment. Products are designed to
benefit the engineering community as well as the global community.
The Company is dedicated to reducing the impact it, and its
products, have on the environment. Internal green programs seek to
reduce waste through material and manufacturing control, use of
green technology and designing for resource reduction. Publicly
traded since 1967, Semtech is listed on the NASDAQ Global Select
Market under the symbol SMTC. For more information, visit
http://www.semtech.com.
Forward-Looking and Cautionary StatementsThis
press release contains “forward-looking statements” within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995, as amended, based on the current
expectations of Semtech Corporation and its subsidiaries,
including, without limitation, statements regarding the Company’s
expectation of the financial impact of the expense related to the
Warrant to the Company’s results for the first fiscal quarter or
future periods and statements regarding the Company’s products,
performance and business initiatives. Statements containing words
or phrases such as “will,” “expects to,” “designed to,” or other
similar expressions constitute forward-looking statements.
Forward-looking statements involve known and unknown risks and
uncertainties that could cause actual results and events to differ
materially from those projected. Potential factors that could cause
actual results to differ materially from those in the
forward-looking statements include, but are not limited to: the
ability of customers to successfully deploy or expand the LoRaWAN
networks; expand to additional markets or expand existing
footprint, as well as the risk factors disclosed in the “Risk
Factors” section and elsewhere in the Company’s Annual Report on
Form 10-K for the fiscal year ended January 28, 2018 and in the
Company’s other filings with the Securities and Exchange
Commission.
In light of the significant risks and uncertainties inherent in
the forward-looking information included herein, any such
forward-looking information should not be regarded as
representations or guarantees by the Company of future performance
or results, or that its objectives or plans will be achieved, or
that any of its operating expectations or financial forecasts will
be realized. Investors are cautioned not to place undue reliance on
any forward-looking information contained herein, which reflect
management’s analysis only as of the date hereof.
Except as required by law, the Company assumes no obligation to
publicly release the results of any update or revision to any
forward-looking statements that may be made to reflect new
information, events or circumstances after the date hereof or to
reflect the occurrence of unanticipated or future events, or
otherwise.
Semtech, the Semtech logo and LoRa are registered trademarks or
service marks, and LoRaWAN is a trademark or service mark, of
Semtech Corporation and its affiliates. MachineQ is a trademark or
service mark of Comcast Corporation or its affiliates.
SMTC-F
Contact: Sandy Harrison Semtech Corporation (805)
480-2004 webir@semtech.com
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