QuickLogic Corporation (NASDAQ: QUIK) announced it has established a new banking relationship with Sunflower Bank and secured a $10 million revolving line of credit effective April 27. The three-year credit facility replaces the company's previous agreement with Heritage Bank of Commerce and matures on April 24, 2029.

The programmable logic solutions developer said the facility will provide enhanced financial flexibility to execute its growth strategy. QuickLogic specializes in embedded FPGA Hard IP, Strategic Radiation Hardened and Antifuse FPGAs, and ruggedized programmable logic solutions.

"This new banking relationship and credit strengthens our financial foundation and provides QuickLogic additional operational flexibility to execute on our strategic initiatives," said Chief Financial Officer Elias Nader. The company plans to use the facility for Strategic Radiation Hardened FPGA development for the US Government, expanding process technology support for its eFPGA Hard IP licensing, and supplementing its Storefront business.

Steven Hamilton, Senior Vice President and Managing Group Director for Sunflower Bank, said the bank provided QuickLogic with the senior secured credit facility as part of an integrated banking solution designed to support the company's growth objectives.

QuickLogic will use the revolving credit facility for general corporate purposes, including working capital. The company said additional details will be included in a Form 8-K filing with the U.S. Securities and Exchange Commission.