CEVA sells subsidiary Intrinsix to Cadence for $35M cash, refocuses on core IP

CEVA INC

Purchase price of $35M; ~$7.5M to be repaid by Intrinsix to CEVA at closing for intercompany obligation.
$300K escrowed for post-closing price adjustments; $3.5M escrowed for 18 months for indemnification.
Transaction expected to close by Dec 4, 2023; subject to customary closing conditions.
CEVA says sale sharpens focus on wireless connectivity, smart sensing and edge AI semiconductor IP.
Cadence expects acquisition to be immaterial to its revenue and earnings in 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CEVA INC entered into Share Purchase Agreement with Cadence Design Systems, Inc. valued at $35 million in cash, less approximately $7.5 million to be repaid by Intrinsix to the Company at clo (effective 2023-09-14).

Action: entry
Agreement: asset purchase
Counterparty: Cadence Design Systems, Inc.
Value: $35 million in cash, less approximately $7.5 million to be repaid by Intrinsix to the Company at clo
Effective: 2023-09-14

Exact text from the filing

On September 14, 2023, CEVA, Inc. (the “Company”) and its wholly owned subsidiary, Intrinsix Corp. (“Intrinsix”), a Massachusetts-based provider of design engineering solutions focused on the U.S. Aerospace & Defense industry, entered into a Share Purchase Agreement (the “Agreement”) with Cadence Design Systems, Inc. (“Cadence”).

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Source: SEC EDGAR

accession 0001437749-23-026428

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