Magnachip Semiconductor Corp N Stock Price, News & Analysis

Magnachip Semiconductor Corporation (NYSE: MX) has appointed Ms. Shinyoung Park as the new Chief Financial Officer, effective January 1, 2022. She takes over from Dr. Young Soo Woo, who resigned on December 31, 2021. Ms. Park has been with Magnachip since 2014, previously serving as Chief Accounting Officer and Corporate Controller. CEO YJ Kim praised her leadership and experience, highlighting her role in strengthening the finance and accounting teams, as the company aims for sustainable growth and long-term value delivery.

Magnachip Semiconductor Corporation (NYSE: MX) has announced a new stock repurchase program, authorizing the buyback of up to $75 million of its common stock. An initial step in this program is an accelerated stock repurchase agreement with JPMorgan Chase for $37.5 million, during which Magnachip will purchase approximately 1.0 million shares. This move reflects the company's confidence in its financial strength and growth strategy, aimed at enhancing shareholder value. Final settlement for this buyback is anticipated by the end of Q1 2022.

Magnachip Semiconductor Corporation (NYSE: MX) announced the termination of its merger agreement with Wise Road Capital after failing to obtain approval from CFIUS. South Dearborn Limited will pay a total termination fee of $70.2 million, with $51 million paid immediately and $19.2 million deferred until March 31, 2022. Despite this setback, Magnachip's CEO YJ Kim expressed confidence in the company's long-term fundamentals and plans to continue its MX 3.0 strategy. A limited-duration shareholder rights plan has been adopted to protect shareholders from hostile takeovers.

Magnachip Semiconductor Corporation (NYSE: MX) announced strong third-quarter 2021 results, achieving a historic gross profit margin of 36.7%. Factors contributing to this success included an improved product mix, increased selling prices, and high utilization at Fab 3. The Power business recorded revenue growth for the third consecutive quarter, while the Display business faced revenue constraints due to foundry capacity allocation issues amid global shortages. The company aims to tackle these challenges by enhancing mix management and expanding sustainable supply capacity for the future.

Magnachip Semiconductor Corporation (NYSE: MX) reported its Q2 2021 financial results, highlighting a revenue decline in its Display business due to severe supply constraints and global manufacturing shortages. However, the Power business achieved record quarterly revenue for the second consecutive period. The company's gross profit margin improved to 29.8%, benefiting from high Fab 3 utilization and a favorable product mix. Magnachip continues to collaborate with strategic partners to address supply capacity for OLED DDICs amidst ongoing global constraints. The pending merger with Wise Road Capital has led to the suspension of quarterly earnings calls.

Magnachip Semiconductor Corporation (NYSE: MX) announced the postponement of its special stockholder meeting originally set for June 17, 2021. This delay is due to an "Order Establishing Interim Mitigation Measures" from the Committee on Foreign Investment in the United States (CFIUS) received on June 15, 2021. Previously, the company had entered into a merger agreement with Wise Road Capital on March 25, 2021, involving a merger with a subsidiary of Wise Road. This merger would make Magnachip a wholly-owned subsidiary of Wise Road upon completion.

Magnachip Semiconductor Corporation (NYSE: MX) has received an unsolicited acquisition proposal from Cornucopia Investment Partners to buy all outstanding shares for $35.00 per share in cash. This follows an existing Merger Agreement with Wise Road Capital, where shares are set to convert at $29.00 each. Magnachip's Board will review the new proposal to determine if it constitutes a superior offer. A special stockholder meeting originally set for June 15, 2021, will be adjourned to June 17, 2021, to allow for this evaluation.

Magnachip Semiconductor Corporation (NYSE: MX) announced its Q1 2021 financial results, revealing revenues above the midpoint of guidance, primarily due to growth in the Power solutions sector. Gross profit margins surpassed expectations thanks to a better product mix and higher utilization rates. The company is navigating industry-wide supply constraints effectively. However, Magnachip will not host a quarterly earnings call due to an impending merger with Wise Road Capital, halting its usual earnings conference call practice.