GSI Technology initiates strategic review with Needham; sells HQ for $11.9M

GSI TECHNOLOGY INC

Engaged Needham & Company for strategic review to maximize stockholder value, citing $150M APU investment.
Sale-leaseback of Sunnyvale HQ for $11.9M expected to close June 2024; proceeds to fund Gemini-II and R&D.
Gemini-II first silicon testing successful; second spin expected fall 2024 with customer sampling before year-end.
Shipped first radiation-hardened parts for European Space Agency mission, expanding ESA exposure.
Q1 FY2025 revenue outlook tempered by customer inventory issues; management views as short-term.

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