QuickLogic (QUIK) Enters into $6.24M Direct Offering

November 17, 2009 9:40 AM EST

QuickLogic Corporation (NASDAQ: QUIK) today announced that it has entered into definitive agreements with a select group of institutional investors to sell an aggregate of 4,305,929 shares of common stock and warrants to purchase up to an aggregate of 3,229,446 shares of common stock in a registered direct offering. The common stock and warrants will be sold in units (the "Units"), with each Unit consisting of (i) one share of common stock and (ii) a warrant to purchase 0.75 of a share of common stock, at a negotiated purchase price of $1.45 per Unit. The Company expects to receive gross proceeds from the offering of approximately $6.24 million, before deducting placement agent's fees and estimated offering expenses. The Company's costs in connection with the offering are expected to be approximately $0.7 million. The Warrants are exercisable any time after the six month anniversary of the date of issuance until the 66 month anniversary of the date of issuance, and will be exercisable at a price of $2.15 per share.

Needham & Company, LLC served as the exclusive placement agent for the offering.

The transaction is expected to close on or about November 20, 2009, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the sale of the Units pursuant to this offering for general corporate purposes, including without limitation, sales and marketing activities, research and development, capital expenditures and working capital.

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• Needham & Company

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