CEVA INC (CEVA): M&A transaction — CEVA completes sale of Intrinsix Corp. to Cadence for $35M cash

CEVA INC

Sale closed Oct 2, 2023; Intrinsix now a wholly owned subsidiary of Cadence Design Systems.
$35M gross consideration less $7.5M intercompany repayment, net ~$27.5M.
$300K escrow for post-closing adjustments; $3.5M escrow held 18 months for indemnification.
Sale previously announced Sep 14, 2023 under Share Purchase Agreement filed as Exhibit 2.1.

item 2.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

CEVA INC completed a disposition involving Cadence Design Systems, Inc. for $35 million in cash (closed 2023-10-02).

Action: disposition
Counterparty: Cadence Design Systems, Inc.
Consideration: $35 million in cash
Closing: 2023-10-02

Exact text from the filing

sold Intrinsix pursuant to the Share Purchase Agreement, made and entered into on September 14, 2023, by and among the Company, Intrinsix and Cadence (the “Agreement”), for $35 million in cash, less approximately $7.5 million repaid by Intrinsix to the Company in respect of an intercompany obligation and subject to other certain purchase price adjustments as

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Source: SEC EDGAR

accession 0001437749-23-027390

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