Allegro MicroSystems to cut Polar stake to ~10.2% via $175M capital raise

ALLEGRO MICROSYSTEMS, INC.

PS Investment Aggregator and affiliate to contribute $175M to Polar for equity interests.
Allegro's Polar stake expected to fall from 30% to ~10.2% after reorganization.
Transaction conditional on Polar receiving ≥$310.7M in CHIPS Act funding or equivalent.
Allegro and Sanken will convert ~$7.5M in Polar debt into equity pre-closing.
Sanken (51% owner of Allegro) and Allegro currently own 70% and 30% of Polar, respectively.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ALLEGRO MICROSYSTEMS, INC. entered into Sale and Subscription Agreement with Sanken Electric Co., Ltd., Polar Semiconductor, LLC, and PS Investment Aggregator, L.P. valued at $175 million (effective 2024-04-25).

Action: entry
Agreement: equity purchase
Counterparty: Sanken Electric Co., Ltd., Polar Semiconductor, LLC, and PS Investment Aggregator, L.P.
Value: $175 million
Effective: 2024-04-25

Exact text from the filing

On April 25, 2024, Allegro MicroSystems, Inc. (the “Company”), Sanken Electric Co., Ltd. (“Sanken”), Polar Semiconductor, LLC (“Polar”), and PS Investment Aggregator, L.P. (“Subscriber”) entered into a Sale and Subscription Agreement (the “Agreement”). Pursuant to the terms and conditions of the Agreement, in exchange for equity interests in Polar, Subscriber and an affiliate of Subscriber will make capital contributions to Polar of, in the aggregate, $175 million (the “Transaction”).

View on SEC.gov

268 material agreements filed in the last 30 days. Browse all material agreements →

ALLEGRO MICROSYSTEMS, INC. filing history →

Source: SEC EDGAR

accession 0000950170-24-048323

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.