---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-026428"
form_type: "8-K"
ticker: "CEVA"
cik: "0001173489"
company_name: "CEVA INC"
filed_at: "2023-09-20T23:59:59+00:00"
generated_at: "2026-06-10T11:46:39.656965+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-026428
- form_type: 8-K
- ticker: CEVA
- cik: 0001173489
- company_name: CEVA INC
- filed_at: 2023-09-20T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1173489/000143774923026428/0001437749-23-026428-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1173489/000143774923026428/ceva20230918_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-026428
- JSON: https://secwatch.observer/filing/0001437749-23-026428.json
- Plain text: https://secwatch.observer/filing/0001437749-23-026428.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1173489/000143774923026428/0001437749-23-026428-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.