MaxLinear Comments on Previously Terminated Transaction with Silicon Motion
MaxLinear, Inc. (NASDAQ:MXL), a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits, commented on the recent announcement from Silicon Motion (NASDAQ:SIMO) regarding MaxLinear's July 26, 2023 termination of the parties' merger agreement (the "Merger Agreement" or "Agreement").
As previously disclosed, MaxLinear terminated the Merger Agreement on multiple grounds, including that Silicon Motion has experienced a material adverse effect and multiple additional contractual failures, all of which is clearly supported by the indisputable factual record. MaxLinear remains entirely confident in its decision to terminate the Agreement.
On August 16, 2023, Silicon Motion confirmed that the Merger Agreement is terminated and announced its intention to pursue monetary damages from MaxLinear in the Singapore International Arbitration Centre. MaxLinear believes any such action is without merit and will vigorously defend its right to terminate the Silicon Motion transaction without penalty in arbitration.
About MaxLinear, Inc.
MaxLinear, Inc. (NASDAQ:MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.
MXL is MaxLinear's registered trademark. Other trademarks appearing herein are the property of their respective owners.
Cautionary Note Concerning Forward-Looking Statements
This release contains forward-looking statements relating to MaxLinear's future plans, objectives, beliefs, expectations, representations, and projections, including but not limited to statements relating to the terminated merger with Silicon Motion and any arbitration or other dispute related to the same, that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements are subject to various risks and uncertainties and are not guarantees of future performance. Forward-looking statements represent MaxLinear's management's beliefs and assumptions only as of the date such statements are made, and while MaxLinear believes that the expectations reflected in such forward-looking statements are accurate, there can be no assurance that such expectations will occur. Future results could differ materially from those described in these forward-looking statements due to certain factors, including but not limited to changes in business, economic and competitive conditions, regulatory reforms and uncertainties in arbitration, litigation or other adversarial or investigative proceedings. MaxLinear assumes no obligation to update or revise any forward-looking statements, unless required by law.
In addition to these risks and uncertainties, investors should review the risks and uncertainties contained in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 1, 2023, and our Current Reports on Form 8-K, as well as the information to be set forth under the caption "Risk Factors" in MaxLinear's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.
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