#United States #San Jose #Semiconductor #Spectra7 #Parade Technologies

Spectra7 Microsystems Announces Sale Completion and Shareholder Decisions

On April 17, 2025, Spectra7 Microsystems Inc., a prominent player in the high-performance analog semiconductor sector, revealed the outcomes of its annual and special shareholder meeting held that same day. The company, recognized for its essential contributions to broadband connectivity markets—particularly in fields like AI networks, hyperscale data centers, and augmented/virtual reality—made headlines with the approved sale of its substantial assets to Parade Technologies, Ltd.

Shareholder Approval for Significant Transaction

During this pivotal meeting, shareholders consented to a transaction that entails the sale of nearly all of Spectra7’s assets in accordance with a previously disclosed asset purchase agreement established on March 7, 2025. This agreement marks a decisive step in Spectra7's strategic direction and aligns with the growing synergies between Spectra7 and Parade Technologies. As the transaction is poised to close within the week following the meeting, it remains contingent upon the satisfaction of several stipulated conditions as per the Purchase Agreement.

In a significant measure of shareholder support, the vote also included approval for the proposed delisting of Spectra7's common shares from the TSX Venture Exchange (TSXV), contingent upon the successful completion of the sale transaction. This strategic move underscores the company's intentions to pivot its focus and align more closely with the interests of its stakeholders.

Board Restructuring and Financial Management

Additionally, the meeting saw crucial decisions surrounding management and governance. The assembly of shareholders cast their votes not only in favor of the sale but also authorized the formation of new Control Persons connected to outstanding pre-funded warrants. Shareholders expressed their confidence in leadership by electing Raouf Halim, Omar Javaid, Roger Maggs, Christopher Morgan, and Ronald Pasek to the board of directors. Furthermore, MNP, LLP, Chartered Accountants were appointed as the company's auditors for the coming fiscal year, solidifying financial oversight as the company transitions.

The Path Forward for Spectra7

With this transformative sale, Spectra7 aims to enhance its operational efficiencies and concentrate on its key technologies that bolster industries related to virtual, augmented, and mixed realities. Based in San Jose, California, with design capabilities in Cork, Ireland, and technical support in Dongguan, China, Spectra7 maintains a comprehensive international presence that complements its technology-driven strategies.

Sporting a reputation for delivering cutting-edge analog semiconductor solutions, Spectra7 has positioned itself as an innovator, pushing forward in sectors that are crucial for the future of connectivity advancements. As the company navigates through this transition, it promises to maintain transparency and engage with its investor base regarding developments.

As the future unfolds, all eyes will be on how this merger will reshape not just Spectra7, but also the semiconductor landscape at large, as technology companies adapt and evolve in an ever-demanding and fast-paced digital environment.

For more information about Spectra7 and its ongoing developments, visit www.spectra7.com.