As previously disclosed, on February 4, 2026, SiTime Corporation, a Delaware corporation (the “Company”) entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Renesas Electronics America Inc., a California corporation (“Renesas”). Pursuant to the Asset Purchase Agreement, Renesas will and will cause certain of its affiliates to sell, transfer, assign and convey to the Company all of their right, title and interest in, to and under certain assets related to the timing business of Renesas Electronics Corporation for an aggregate purchase price of approximately $1,500,000,000 in cash and 4,130,644 shares of the Company’s common stock, subject to certain adjustments as set forth in the Asset Purchase Agreement (the “Acquisition”).
On May 8, 2026, at 11:59 p.m. Eastern Time, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), expired in connection with the Acquisition.
The expiration of the waiting period under the HSR Act satisfies one of the conditions to the closing of the Acquisition (the “Closing”), resulting in all of the conditions set forth in Section 8.1(a) of the Asset Purchase Agreement having been satisfied. The Closing remains subject to the satisfaction or waiver of the remaining conditions to the closing of the Acquisition set forth in the Asset Purchase Agreement, including the accuracy of each party’s representations and warranties as of the Closing, subject in certain instances, to certain materiality and other thresholds and the performance by each party of its obligations and covenants under the Asset Purchase Agreement in all material respects.
As previously disclosed, in connection with its entry into the Asset Purchase Agreement, on February 4, 2026, the Company entered into a debt financing commitment letter (the “Commitment Letter”) with Wells Fargo Securities, LLC and Wells Fargo Bank, National Association (collectively, “Wells Fargo”), pursuant to which Wells Fargo has committed to provide the Company with debt financing to fund a portion of the cash consideration in an aggregate principal amount of up to $900.0 million in the form of a 364-day senior secured bridge loan facility (the “Bridge Facility”), subject to customary conditions. Subject to market conditions and other factors, in lieu of all or a portion of the Bridge Facility, the Company may fund a portion of the Acquisition consideration through one or more bank financing or capital markets transactions. The consummation of the Acquisition is not conditioned on the availability of the Bridge Facility or any alternative financing. The foregoing description of the Commitment Letter set forth herein is subject to, and qualified in its entirety by reference to, the full text of the Commitment Letter, a copy of which is attached as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 4, 2026.
Forward-Looking Statements
The information set forth in this Current Report contains certain “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which include information concerning the structure, timing, and the Closing, the Company’s cash position and business strategy following the Closing and cash runway, the Company’s plans, objectives, goals, strategies, future revenues, financial position, capital expenditures, and other information that is not historical information. Forward-looking statements can be identified by words such as “outlook,” “forecast,” “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “will,” and variations of such words or similar expressions. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by the forward-looking statements contained herein. These include, but are not limited to: the Company’s ability to satisfy closing conditions to the Acquisition and related transactions (collectively, the “Transactions”), the timing of the Closing thereof, unexpected costs, charges or expenses resulting from the Transactions, potential adverse reactions or changes to business relationships resulting from announcements relating to the Transactions and the Closing, and the Company’s ability to realize the anticipated benefits of the Transactions. Numerous other factors, many of which are beyond the Company’s control could cause actual results to differ materially from those expressed as forward-looking statements. Other risk factors include those that are discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and other filings made with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
