AOS sells 2.1% JV stake for $16.9M, deconsolidates, expects $364.8M net gain

ALPHA & OMEGA SEMICONDUCTOR Ltd

Sold 2.1% equity in Chongqing JV for RMB 108M (~$16.9M) to a third-party investor; ownership drops to 48.8%, losing control.
Preliminary deconsolidation of JV from financial statements effective Dec 2, 2021; accounting changes to equity method.
Expects to recognize a non-cash gain of ~$364.8M net of tax in December 2021 quarter.
JV plans to raise up to $200M for Phase II expansion and contemplates STAR Market listing.
Company reaffirmed Q2 fiscal 2022 guidance; CEO reiterated $1B revenue goal by CY2024/2025.

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