Spectra7 Microsystems Announces Distribution of Contingent Value Consideration

SAN JOSE, Calif., May 5, 2026 /PRNewswire/ -- Spectra7 Microsystems Inc. ("Spectra7" or the "Company") is pleased to announce its intention to distribute to the holders of its contingent value rights (each, a "CVR") as of April 24, 2026 (the "Record Date") an aggregate amount of approximately US$2,488,653.90 (approximately CDN$3,387,306.82) (the "Contingent Value Consideration") representing the sum of: (i) US$1,865,514.76 (approximately CDN$2,539,152.14) (the "Escrow Amount"); and (ii) US$623,139.14 (approximately CDN$848.154.68) being the remaining cash of the Company after payment of operating and maintenance expenses incurred since the Sale Transaction referred to below.

The Contingent Value Consideration represents approximately US$0.0090 per CVR, and, subject to applicable withholding tax, is expected to be distributed to holders of CVRs as of the Record Date on or about May 12, 2026.

A total of US$1,800,000.00 was initially deposited into escrow with a third-party escrow agent in connection with the closing of the sale transaction of substantially all of the assets of Spectra7 and its subsidiaries (the "Sale Transaction") to Parade Technologies, Ltd. ("Parade") to cover certain potential indemnity claims by Parade until April 22, 2026 (the "Escrow Release Date"), being one year after the closing of the Sale Transaction. No such claims have been made, and the Escrow Amount, representing the initial amount deposited into escrow plus interest credited thereon, was released from escrow in full on the Escrow Release Date.

Following completion of the distribution of the Contingent Value Consideration, Spectra7 expects to complete the winddown of its remaining corporate activity.

ABOUT SPECTRA7 MICROSYSTEMS INC.

Spectra7 was a leader in high-performance analog semiconductors for powering the AI revolution in broadband connectivity markets, hyperscale data centers, and spatial computing. Spectra7 was based in San Jose, California, with a design center in Cork, Ireland and a technical support location in Dongguan, China. Spectra7 sold substantially all of its assets to Parade in April 2025 in the Sale Transaction.

For further information please contact:

Spectra7 Microsystems Inc.
Omar Javaid
Chief Executive Officer
‭(408) 770-2915‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬
[email protected]

Forward-Looking Statements

Statements in this press release contain forward-looking information. Such forward-looking information may be identified by words such as "anticipates", "plans", "proposes", "estimates", "intends", "expects", "believes", "may" and "will". The forward-looking statements included in this press release, including statements regarding the ultimate quantum of the Contingent Value Consideration, the timing of the distribution of the Contingent Value Consideration to CVR holders and Spectra7's plans with respect to the winddown of its remaining corporate activity.  

In respect of the forward-looking statements and information included in this press release, Spectra7 has provided such in reliance on certain assumptions that it believes are reasonable at this time. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond Spectra7's control.

When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Readers are cautioned that the foregoing list of factors is not exhaustive. Except as otherwise required by applicable securities statutes or regulation, Spectra7 expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

View original content:https://www.prnewswire.com/news-releases/spectra7-microsystems-announces-distribution-of-contingent-value-consideration-302762430.html

SOURCE Spectra7 Microsystems Inc.