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Odyssey Semiconductor to sell assets For $9.52 Million

Odyssey Semiconductor Technologies, a semiconductor device company developing high-voltage power switching components based on GaN processing technology, has entered into a definitive agreement to sell substantially all of its assets to a large semiconductor company for USD 9.52 million in cash.

The parties have agreed that the buyer's name will be withheld as confidential during a 20-calendar-day "go shop" period.

"We are pleased that we have found a strong buyer. We also appreciate that 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," said Odyssey CEO Rick Brown, in a press release.

The asset sale, which has been approved by the Odyssey Board of Directors, is expected to close early in the third quarter of 2024 subject to closing conditions, including approval by Odyssey shareholders.

The agreement includes a 20-day "go shop" which allows Odyssey to initiate and solicit alternative acquisition proposals from third parties. Odyssey has the right to terminate the agreement to accept a superior proposal- 

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 company says that it currently plans to wind down operations and hopes to pay out a liquidating dividend to the extent funds are available at that point. 

The management of Odyssey currently estimates that the earliest the company's affairs could be wound up would be the end of calendar 2024.

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June 13 2024 1:49 pm V22.4.55-2