Spectra7 Microsystems Inc - SPVNF STOCK NEWS

Spectra7 Microsystems (TSXV:SEV, OTCQB:SPVNF), a provider of analog semiconductors for broadband connectivity markets, announced that shareholders have approved the previously announced sale of substantially all company assets to Parade Technologies during their annual meeting on April 17, 2025.

The shareholders also approved the delisting of company shares from TSX Venture Exchange, contingent upon the Sale Transaction's completion. The transaction is expected to close in the following week, subject to remaining conditions in the Purchase Agreement.

Additional approved measures include authorization for new Control Persons related to pre-funded warrants, election of five directors (Raouf Halim, Omar Javaid, Roger Maggs, Christopher Morgan, and Ronald Pasek), and appointment of MNP, LLP as auditor.

Spectra7 Microsystems (OTCQB:SPVNF) has announced the filing of its 2024 financial results and provided an update on its previously announced asset sale to Parade Technologies. The transaction, valued at US$9 million, involves Parade acquiring substantially all of Spectra7's assets, including IP, products, designs, and inventory.

Under the agreement, Parade has advanced US$750,000 in bridge loans to Spectra7. The final purchase structure includes a US$1.8 million escrow amount held for one year. Spectra7 plans to distribute the net proceeds to shareholders through a special distribution, estimated at US$0.0039 per share initially, with potential additional US$0.0065 per share from escrow release.

The transaction requires approval from 66 2/3% of Spectra7 shareholders at the April 17, 2025 meeting, with 60.44% already committed through voting agreements. The deal is expected to close the following week, with Parade planning to employ the majority of Spectra7's workforce.

Spectra7 Microsystems has entered into a definitive agreement with Parade Technologies for the sale of substantially all of its assets for US$9 million. The assets include intellectual property, products, designs, and inventory. The transaction will enable Parade to market Spectra7's active cable products and leverage its SiGe-technology for high-speed solutions.

The purchase price includes a US$1.8 million escrow amount and bridge loans totaling US$750,000. Spectra7 plans to distribute approximately US$5.1 million to shareholders in two special distributions: an initial payment of about CDN$0.018 per share and a second distribution of approximately CDN$0.01 per share after the escrow release.

The transaction requires approval from 66 2/3% of Spectra7 shareholders at a meeting scheduled for April 14, 2025. Shareholders holding 57.62% have already agreed to vote in favor. The deal is expected to close in Q2 2025.

Spectra7 Microsystems (TSXV: SEV, OTCQB: SPVNF) has secured a significant follow-on order from Tencent, a major Asia-based datacenter customer. The order represents 100% share in the specified application, utilizing Spectra7's GC2502 Dual Channel 56Gbps PAM4 Linear Equalizer IC in an active copper cable configuration operating at 200 Gb/s.

The partnership focuses on advancing datacenter capabilities through active copper cabling solutions (ACC), which significantly reduce power requirements while maintaining the high speeds necessary for AI applications. Tencent's Procurement Manager emphasized that these solutions are important for their datacenter advancement plans, enabling ultra-high speeds, low latency, and low power utilization at competitive costs, particularly for AI-driven applications.

Spectra7 Microsystems, a leader in high-performance analog semiconductors, announced leadership changes in its financial department. Dave Mier has retired from his position as Interim CFO, and Ron Pasek, the company's Board Chair, has been appointed as the new Interim CFO, effective immediately. The company is actively interviewing candidates to fill the CFO position permanently. Pasek brings experience as CFO of multiple public companies to the role.

Spectra7 and Keysight announced a joint demonstration of 800Gbps Active Copper Interconnects (ACCs) testing at SC24, the International Conference for High Performance Computing. The demo will showcase Spectra7's GC1122 silicon in 800G OSFP and QSFP-DD ACC interconnects operating with the Keysight AresONE-M 800GE Layer 1-3 Test System. The collaboration aims to validate robust performance testing for AI infrastructure, with Spectra7's GaugeChanger™ technology offering advantages in power, latency, and cost compared to competing Active Electrical Cables and Active Optical Cables.

Spectra7 Microsystems announced the appointment of Omar Javaid as the new CEO and board member, effective immediately. Javaid brings over 25 years of experience in accelerating sales growth and profitability, having held senior roles at Avaya, Qualcomm, Vonage, Hewlett-Packard, Google, and Motorola. The company also reported its Q3 2024 financial results, with revenue at $0.2 million and a nine-month total of $1.8 million, a 19% decrease from the previous year. Gross margin declined to 47% from 59%, and the EBITDA loss widened to $5.2 million from $1.0 million. Spectra7 is expanding its data center customer base and plans to release its 224Gbps product for fabrication next month, with first parts expected in April 2025. Additionally, 7,100,000 restricted share units were granted to Javaid.

Spectra7 Microsystems, a leader in high-performance analog semiconductors for broadband connectivity markets, announced its participation in the LD Micro Main Event XVII investor conference in Los Angeles from October 28-30, 2024. The company will deliver a group presentation on October 29, 2024, at 3:30 pm Pacific Time.

Investors can join the presentation online via a webcast link available on Spectra7's investor relations website. Dave Mier, Chief Financial Officer, and John Mitchell, Chief Marketing Officer, will host investor meetings throughout the day on October 29. In-person attendees can request meetings through LD Micro's meeting portal or Spectra7's IR contact. Qualified investors interested in attending the conference should contact LD Micro's registration email.

Spectra7 Microsystems Inc. and I-PEX Inc. have announced a collaboration to offer the CABLINE®-CA IIEQ PLUS 112G active copper cable (ACC) featuring Spectra7's 112G PAM4 GC1122 GaugeChanger™ chips. This product will be demonstrated at the OCP Global Summit in San Jose, California, from October 15-17, 2024.

The CABLINE®-CA IIEQ PLUS 112G supports four lanes of 112 Gbps PAM4 data and offers a compact design that minimizes PCB footprint. It can use cables as small as 46 AWG, performing as well as larger 36 AWG cables while improving airflow and flexibility within equipment.

Spectra7's GaugeChanger™ technology allows copper to extend to longer lengths without the cost and power penalty of optics or DSP-based retimed copper solutions, achieving typical power savings of 700% to 1000%. I-PEX anticipates delivering cable samples to customers for qualification in the first half of 2025.