Marvell Technology Inc Stock Price, News & Analysis

Marvell (NASDAQ: MRVL) launched its Bravera SC5 SSD controller family on May 27, 2021, marking a significant advancement in cloud storage technology. The controllers are the first to support PCIe 5.0 and NVMe 1.4, doubling performance compared to previous versions. Designed for high scalability and efficiency, they incorporate advanced security features like AES 256-bit encryption and a FIPS-compliant root of trust. Collaborating with major cloud providers, Marvell aims to meet the growing demands for ultra-low latency and high capacity storage solutions.

Marvell (NASDAQ: MRVL) ranked 7th overall in the Best Places to Work 2021 for large companies, as per the San Francisco Business Times and Silicon Valley Business Journal. The company received high marks for employee engagement, workplace wellness, and management practices. Noteworthy initiatives included mental health support, reimbursement for fitness subscriptions, and ergonomic stipends for home offices. Marvell's CEO, Matt Murphy, emphasized that the award reflects the company's strong culture and commitment to employee wellbeing.

On May 3, 2021, Inphi Corporation, a subsidiary of Marvell Technology (NASDAQ: MRVL), announced tender offers for the repurchase of its 0.75% Convertible Senior Notes due 2021 and 2025. The offers arise from a merger that triggered a Fundamental Change clause in the bond agreements, allowing noteholders to sell their notes at par plus interest. Conversion options include cash and shares of Marvell. The tenders begin on May 4, 2021, and end on June 1, 2021. Noteholders are advised to read the Offers to Purchase for terms and conditions.

Marvell Technology, Inc. announced the expiration of its Exchange Offers for Marvell Notes, where it aimed to exchange outstanding notes for new MTI Notes worth $1 billion. As of April 30, 2021, approximately $913.3 million in Marvell Notes were tendered, with a settlement date expected on May 4, 2021. Notably, 86.77% of the 4.200% Senior Notes due 2023 and 95.90% of the 4.875% Senior Notes due 2028 were validly exchanged. Eligible holders will receive a $1.00 cash payment per $1,000 of Marvell Notes tendered. MTI plans to issue new notes totaling approximately $913.2 million.

Marvell (NASDAQ: MRVL) has launched its new IEEE 802.3ch-based multi-gig automotive Ethernet PHY, designed for high-speed data transfer in connected vehicles. This PHY supports up to 10Gbps throughput, catering to advanced automotive features like driver assistance and 5G connectivity. The transition from domain-based to zonal architectures is facilitated by Marvell's technology, reducing costs and weight associated with conventional wiring. The PHY also integrates security features for data transmission, enhancing vehicle safety. It is currently available for customer sampling.

Marvell (NASDAQ: MRVL) has launched its IEEE 802.3ch-based multi-gig automotive Ethernet PHY, which supports data transfer speeds up to 10Gbps for connected cars. This innovation facilitates seamless communication for advanced features like driver assistance systems and autonomous driving. The 88Q4346 PHY is designed to optimize vehicle architectures by moving from domain-based to zonal-based platforms, reducing cable use and costs. With the rise of 5G networks, this PHY also enhances vehicle-to-everything communications, security, and overall vehicle performance.

On April 20, 2021, Marvell Technology Inc. (NASDAQ: MRVL) completed the acquisition of Inphi Corporation, merging both companies under Marvell Technology Group Ltd. The Merger Effective Date was marked at 4:01 p.m. Eastern Time. Inphi shareholders received 2.323 shares of MTI and $66.00 in cash per Inphi share. The merger also triggered a Make-Whole Fundamental Change for Inphi's noteholders, allowing them to convert their convertible senior notes into cash and MTI shares during a specified period ending on June 1, 2021.

Marvell Technology (MRVL) has completed its acquisition of Inphi Corporation, creating a stronger semiconductor player in data infrastructure. This strategic move aims to enhance Marvell's capabilities in key growth areas such as 5G, Cloud, and Automotive technologies. Dr. Ford Tamer, former Inphi CEO, joins Marvell's Board of Directors, bringing extensive leadership experience. The financial impact of Inphi's contributions will be detailed in Marvell's upcoming earnings call scheduled for June 7, 2021.

Marvell Technology Group Ltd. (NASDAQ: MRVL) announced that its subsidiary, Marvell Technology, Inc. (MTI), obtained consents from a majority of holders of its 4.200% Senior Notes due 2023 and 4.875% Senior Notes due 2028. The consents will allow Marvell to amend the indenture governing these notes, eliminating restrictive covenants and certain events that could lead to an 'Event of Default.' The Exchange Offers will expire on April 30, 2021, with anticipated settlement around May 4, 2021, as part of the company's acquisition of Inphi Corporation, expected to close on April 20, 2021.