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SMART Global Holdings (NASDAQ: SGH) has announced the grant of inducement awards to its new president of Intelligent Platform Solutions, Pete Manca, who began his role on April 8, 2024. The awards, approved by SGH's independent Compensation Committee, include 106,042 time-based restricted share units (RSUs) and 106,042 performance-based restricted share units (PSUs) at the target level. These grants aim to incentivize Mr. Manca’s employment with the company, as per Nasdaq Rule 5635(c)(4).
The RSUs will vest over four years, with 25% vesting on April 20, 2025, and the rest vesting quarterly. The PSUs will vest based on SGH's total shareholder return (TSR) relative to the median of the Russell 2000 Index after a three-year performance period. The maximum number of shares that can be earned under the PSUs is 200% of the target.
Cree LED, a subsidiary of SGH (Nasdaq: SGH), has received four 2024 BrightStar Awards from LEDs Magazine for its innovative LED products. The recognized products include XLamp® XP-G4 White LEDs, J Series® 2835 Pro9™ LEDs, J Series® 5050C E Class LEDs, and High-Brightness LEDs. These awards highlight Cree LED's advancements in performance, reliability, efficiency, ease of integration, and innovation. The XLamp® XP-G4 White LEDs offer improved optical performance for various lighting applications. The J Series® 2835 Pro9™ LEDs provide high efficacy for indoor lighting, while the J Series® 5050C E Class LEDs deliver outstanding efficacy at 228 lumens per watt. The High-Brightness LEDs are ideal for large-format displays. Cree LED's recognition underscores its commitment to advancing LED technology and offering high-performance, innovative solutions to its customers.
Stratus Technologies, an SGH company (Nasdaq: SGH), has announced the release of Stratus Redundant Linux (SRL) 3.0 and everRun 8.0. SRL 3.0, designed for the Stratus ztC Edge platform, enhances edge infrastructure by providing built-in virtualization and fault tolerance, improving performance by up to 30%. It also adds over two dozen RESTful API calls for better manageability and supports a wider range of Linux guest operating systems. The company has shifted to Ubuntu Linux for SRL development.
everRun 8.0 extends these features to heterogeneous x86-based infrastructures and supports Intel's fourth-generation Xeon Scalable processors. Both SRL and everRun software aim to improve edge infrastructure security, manageability, and performance. The upgrades are available at no cost for customers with Stratus Support contracts.
SGH (NASDAQ: SGH) announced a transition in its CFO role. Ken Rizvi, the current CFO, will leave the company on June 30, 2024, to pursue another opportunity. Jack Pacheco, the COO and former CFO, will serve as interim CFO while SGH searches for a permanent replacement.
CEO Mark Adams thanked Rizvi for his contributions, emphasizing the company's continued focus on growth in the enterprise AI solutions market. The company also reaffirmed its financial guidance for the third quarter of fiscal 2024, initially provided on April 9, 2024.
Cree LED, a subsidiary of SGH, announced the XLamp XFL LED family designed for portable lighting solutions such as flashlights. The brightest model, XFL10K, offers up to 20,000 lumens, significantly outshining automotive high-beam headlights. These LEDs enhance precision, less color variation, and longer throw distances, increasing beam distance by 54% compared to existing LEDs.
Designed for specific lumen targets, the XFL series accelerates the design process for manufacturers, enabling faster market deployments. The family includes three models—XFL05K, XFL08K, and XFL10K—each catering to different lumen applications, with standard color temperature options and high CRI values. Product samples are now available, with production quantities following standard lead times.
SMART Global Holdings, Inc. (NASDAQ: SGH) will host an Analyst Day in New York City on July 16, 2024, offering live and on-demand webcasts for remote viewing. More information to follow.
