Seagate Technology Holdings PLC filed SEC Form 8-K: Regulation FD Disclosure
$STX
Electronic Components
Technology
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 3, 2024
SEAGATE TECHNOLOGY HOLDINGS PUBLIC LIMITED COMPANY
(Exact name of registrant as specified in its charter)
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| incorporation or organization) | Identification Number) | |||||||
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Registrant’s telephone number, including area code: (65 ) 6018-2562
N/A
(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure
Dave Mosley, chief executive officer of Seagate Technology Holdings public limited company ("Seagate" or the "Company"), will participate in a fireside chat at the UBS Global Technology and AI Conference starting today, December 3, 2024, at 12:35 PM PT. To access both live and replay audio webcasts, visit Seagate’s Investor Relations website at investors.seagate.com.
During this event, Mr. Mosley will provide a business update, including the following:
•Seagate has successfully completed qualification testing for its HAMR based Mozaic drives with several customers within the Mass Capacity markets, including a leading cloud service provider. The Company expects to begin shipping initial HAMR product volume to this cloud customer in the coming weeks.
•Amid a strengthening HDD demand environment, Seagate has been focused on bringing existing production equipment back online to support customer demand and this process has taken longer than anticipated. As a result, production output for Seagate's fiscal third quarter ending March 28, 2025 will be lower than previously expected with an associated revenue impact of up to $200 million for the fiscal third quarter.
•Revenue and profitability for the fiscal second quarter ending December 27, 2024, are currently trending in accordance with management’s expectations and are not impacted by this change in production output.
The information in this Item 7.01 is "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of such section.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K (“Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical fact. Forward-looking statements include, among other things, statements about the Company’s plans, programs, strategies, prospects, and opportunities; financial outlook for future periods, including the fiscal second quarter 2025 and the impact of production delays on the fiscal third quarter ending March 28, 2025, and anticipated demand and performance of new storage product introductions, including HAMR-based Mozaic products. Forward-looking statements generally can be identified by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “should,” “may,” “will,” “will continue,” “can,” “could” or the negative of these words, variations of these words and comparable terminology, in each case, intended to refer to future events or circumstances. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are subject to various uncertainties and risks that could cause our actual results to differ materially from historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s latest periodic report on Form 10-Q or Form 10-K filed with the U.S. Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on, and which speak only as of, the date hereof. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, unless required by applicable law.
The inclusion of Seagate’s website addresses in this Report are provided for convenience only. The information contained in, or that can be accessed through, Seagate’s websites and social media channels are not part of this press release.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| SEAGATE TECHNOLOGY HOLDINGS PUBLIC LIMITED COMPANY | |||||||||||
| Date: | December 3, 2024 | By: | /s/ James C. Lee | ||||||||
| Name: | James C. Lee | ||||||||||
| Title: | Senior Vice President, Chief Legal Officer, and Corporate Secretary | ||||||||||