Everspin Technologies Expands Board of Directors with Appointment of Douglas Mitchell

Rhea-AI Summary

Everspin Technologies appoints Douglas Mitchell, a semiconductor industry veteran, to its Board of Directors. Mitchell brings over 40 years of experience in memory products and technology, with a focus on high-performance non-volatile memory ICs. His strategic guidance is expected to drive Everspin's growth and market opportunities.

Mitchell will Draw on Previous Everspin Experience and 40 Years of Semiconductor Expertise to Guide Strategic Growth.

CHANDLER, Ariz.--(BUSINESS WIRE)-- Everspin Technologies, Inc. (NASDAQ: MRAM), the world’s leading developer and manufacturer of Magnetoresistive Random Access Memory (MRAM) persistent memory solutions, announced the appointment of Douglas Mitchell to its Board of Directors, effective February 26, 2024.

Mr. Mitchell has held various executive management positions focusing on corporate leadership, technology, marketing and business development of micro-controllers, digital signal processors and memories. His principal focus has been market requirements, providing rapid growth opportunities for high-performance, non-volatile memory ICs. During his tenure at Infineon Technologies, he served as Vice President of RAM products, overseeing P&L responsibilities for a broad range of volatile and non-volatile memory technologies. Prior to Infineon, Mr. Mitchell worked with Microelectronics Research Development Corporation and the US Air Force Research Labs, developing memory products for space applications. At Everspin, Mr. Mitchell served as Vice President of Sales & Marketing, leading business development efforts for the company's MRAM products shortly after their spin-off from Freescale. Earlier, he was President & CEO of Simtek Corporation, a publicly traded provider of non-volatile RAM ICs. He was responsible for establishing a cooperative development contract with Cypress Semiconductor that led to Cypress’ acquisition of Simtek.

"We look forward to Doug's return to Everspin, but this time as a distinguished member of our Board," said President and Chief Executive Officer Sanjeev Aggarwal. "Doug's deep understanding of competitive memory products and technologies, coupled with extensive experience in application use cases and go-to-market strategies, makes him a valued asset. His 40+ years of valuable expertise in the semiconductor industry, proven leadership and strategic acumen will significantly contribute to Everspin's strategic direction and growth trajectory."

About Everspin Technologies

Everspin Technologies, Inc. is the world’s leading provider of Magnetoresistive RAM (MRAM). Everspin MRAM delivers the industry’s most robust, highest performance non-volatile memory for Industrial IoT, Data Center, and other mission-critical applications where data persistence is paramount. Headquartered in Chandler, Arizona, Everspin provides commercially available MRAM solutions to a large and diverse customer base. For more information, visit www.everspin.com. NASDAQ: MRAM.

Forward-Looking Statements in this press release relating to future events or results are forward-looking statements that involve risks and uncertainties that could cause actual results or events to differ materially from the expectations disclosed in the forward-looking statements. Specifically, there can be no assurances that Everspin will be awarded any funds in connection with its Chips Act application. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks set forth under the caption “Risk Factors” in Everspin’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024, as well as in Everspin’s subsequent filings with the SEC. Any forward-looking statements made by Everspin in this press release speak only as of the date on which they are made, and subsequent events may cause these expectations to change. Everspin disclaims any obligation to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240313708997/en/

Investor Relations:

Monica Gould

The Blueshirt Group

T: 212-871-3927

ir@everspin.com

Source: Everspin Technologies, Inc.

Who was appointed to Everspin Technologies' Board of Directors?

Douglas Mitchell was appointed to Everspin Technologies' Board of Directors.

What is the ticker symbol for Everspin Technologies?

The ticker symbol for Everspin Technologies is MRAM.

What is Douglas Mitchell's background in the semiconductor industry?

Douglas Mitchell has over 40 years of experience in the semiconductor industry, focusing on memory products and technology.

What role did Douglas Mitchell play at Infineon Technologies?

At Infineon Technologies, Douglas Mitchell served as Vice President of RAM products, overseeing a broad range of volatile and non-volatile memory technologies.

What is Douglas Mitchell's contribution expected to be at Everspin Technologies?

Douglas Mitchell's strategic guidance and extensive experience in memory products and technology are expected to drive Everspin's growth and market opportunities.