InspireSemi Announces Delisting Date as Part of Previously Announced Plan to Go Private
VANCOUVER, British Columbia and AUSTIN, Texas, Dec. 13, 2024 (GLOBE NEWSWIRE) -- (TSXV: INSP) (“InspireSemi” or the “Company”), a chip design company that provides revolutionary high-performance, energy-efficient accelerated computing solutions for High Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads, announces that following the approval of a majority of the minority of the Company’s shareholders at an annual general and special meeting held on November 20, 2024 (the “Meeting”) the board of directors of InspireSemi (the “Board”) have now approved the voluntary delisting (the "Delisting") of the subordinate voting shares of Inspire from the TSX Venture Exchange ("TSXV").
The Board has requested the Delisting be effective at the close of trading of December 31, 2024 and InspireSemi expects, subject to the final approval of the TSXV, that the subordinate voting shares of InspireSemi will cease to trade on the TSXV at the close of trading on December 31, 2024.
InspireSemi has not applied to concurrently list any of its shares on any alternative market, and thus following the Delisting there will be no market for trading of the Company’s shares. InspireSemi will remain a reporting issuer in the provinces of British Columbia, Alberta and Ontario following the Delisting.
InspireSemi believes the Delisting provides a number of benefits, including lower administrative costs as a private company and, if required, access to additional sources of financing that it found to be unavailable while it was listed. The Company feels that its team will now have greater freedom to focus on scaling InspireSemi’s business while retaining the option for listing on a US exchange in the future.
For further information regarding the Delisting, readers are encouraged to review the Company's management information circular (the "Circular") dated October 21, 2024 which was prepared in connection with the Meeting. The Circular is available under the Company’s SEDAR+ profile at and on its website at .
In addition, InspireSemi will shortly prepare a FAQ for securityholders that attempts to address common questions asked regarding the Delisting and which will be posted on its website at as soon as possible.
About InspireSemi
InspireSemi (TSXV: INSP) provides revolutionary high-performance, energy-efficient accelerated computing solutions for High-Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads. The Thunderbird I ‘supercomputer-cluster-on-a-chip’ is a disruptive, next-generation datacenter accelerator designed to address multiple underserved and diversified industries, including financial services, computer-aided engineering, energy, climate modeling, cybersecurity, and life sciences & drug discovery. Based on the open standard RISC-V instruction set architecture, InspireSemi’s solutions set new standards of performance, energy efficiency, and ease of programming. InspireSemi is headquartered in Austin, TX.
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Company Contact
Ron Van Dell, CEO
(737) 471-3230
Cautionary Statement on Forward-Looking Information
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Statements concerning InspireSemi’s objectives, goals, strategies, priorities, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of InspireSemi are forward-looking statements. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.
Forward-looking information includes, but is not limited to, information regarding the Delisting and any future listing. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this presentation, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of InspireSemi, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company including information obtained from third-party industry analysts and other third-party sources and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects management’s current beliefs and is based on information currently available to them and on assumptions they believe to be not unreasonable in light of all of the circumstances. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
