QuickLogic raises $1.08M through private placements; Q3 revenue outlook raised to $3.8-3.9M

QUICKLOGIC Corp

Two long-time investors purchased 198,664 shares at $5.43 each (no discount) for gross proceeds of ~$1.08M.
Q3 fiscal 2021 revenue expected between $3.8M and $3.9M, moderately above prior guidance of $3.8M ±15%.
Cash usage for Q3 expected at low end of prior $500K-$700K range, excluding the financing proceeds.
Proceeds to fund working capital, eFPGA product development, AI and open-source hardware/software initiatives.
Company targets profitability in early fiscal 2022, citing growing interest in its QORC open-source eFPGA initiative.

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