secwatch.observer — SEC 8-K summary
======================================

Issuer:     ON SEMICONDUCTOR CORP (ON)
CIK:        0001097864
Form:       8-K
Filed at:   2022-09-19T23:59:59+00:00
Accession:  0001193125-22-247127
Event type: other_material
Sentiment:  negative
Materiality: 0.60
Item codes: 2.06
LLM model:  deepseek-v4-flash:cloud@v2

ON Semi approves exit plan for Quantenna division; expects $215M goodwill and $58M intangible impairment
--------------------------------------------------------------------------------

- Exit plan approved Sept 16, 2022 to wind down division within Advanced Solutions Group (legacy Quantenna).
- Division revenue < 3% of 2021 consolidated revenue.
- Goodwill balance ~$215M; unamortized intangible assets ~$58M; substantially all expected to be impaired.
- Previously recorded $115M goodwill impairment on this unit in Q2 2022.
- Associated exit costs (severance, contract termination) not expected to be significant.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1097864/000119312522247127/0001193125-22-247127-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1097864/000119312522247127/d256278d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-247127

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer