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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) January 28, 2021
 
QuickLogic Corporation
(Exact name of registrant as specified in its charter) 
 
Delaware
 
000-22671
 
77-0188504
         
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)
         
2220 Lundy Avenue, San Jose, CA
     
95131-1816
(Address of principal executive offices)
     
(Zip Code)
 
Registrant’s telephone number, including area code (408) 990-4000
 
N/A
(Former name or former address, if changed since last report)
 
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(s)
Name of each exchange on which registered
Common Stock, par value $.001 per share
QUIK
The Nasdaq Capital Market
 
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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
 
(b) Resignation of Chief Financial Officer
 
On January 28, 2021, QuickLogic Corporation (the “Company”) announced the resignation of Suping (Sue) Cheung, Chief Financial Officer, effective February 17, 2021. Ms. Cheung will relocate in order to accept a new Chief Financial Officer role with a public company. Ms. Cheung’s departure is not related to any disagreement with the Company’s accounting, operating policies or practices.
 
The Company will commence a search for Ms. Cheung’s replacement, and she is committed to an orderly transition of her duties and will stay with the Company through its upcoming earnings announcement and call on February 17 after market close.
 
(c) Appointment of Interim Chief Accounting Officer
 
Effective upon Ms. Cheung’s departure, and until a successor has been identified, the Company has appointed Mr. Anthony Contos, who recently joined QuickLogic as the Company’s Corporate Controller, to serve as its interim Chief Accounting Officer. Upon assuming this role, he will also assume the duties of the Company’s principal financial officer and principal accounting officer. There is no family relationship between Mr. Contos and any of our other officers and directors. There are no understandings or arrangements between Mr. Contos and any other person pursuant to which Mr. Contos was appointed as interim Chief Accounting Officer.
 
Mr. Anthony Contos joined QuickLogic in January 2021, first serving as the Company’s Corporate Controller. He was appointed QuickLogic’s Interim Chief Accounting Officer effective January 28, 2021. Mr. Contos brings more than 30 years of Accounting and Financial management experience with many publicly traded companies. Prior to joining QuickLogic, Mr. Contos served as the Interim Corporate Controller for Natera, Inc., a bio-pharmaceutical company based in San Carlos, CA. Previously, Mr. Contos served as the Vice President, Corporate Controller for DASAN Zhone Solutions, Interim Director of External Reporting and Reporting for Extreme Networks, and Chief Financial Officer for Optoma Technology
 
Item 7.01 Regulation FD Disclosure.
 
The Company issued a press release on January 28, 2021 announcing the resignation of Chief Financial Officer Suping (Sue) Cheung and appointment of Mr. Anthony Contos as Interim Chief Accounting Officer. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated by reference herein.
 
The information in the press release is being furnished, not filed, pursuant to Item 7.01 of Form 8-K. Accordingly, the information in Item 7.01 of this Current Report, including Exhibit 99.1, will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.
 
2
 
 
Item 9.01(d) Exhibits.
 
The following exhibit is furnished as a part of this report:
 
99.1
 
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
3
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: January 28, 2021
 
QuickLogic Corporation
     
   
/s/ Brian C. Faith
   
Brian C. Faith
President and Chief Executive Officer
 
4

 

Exhibit 99.1

 

QuickLogic Announces CFO Resignation;

Anthony Contos named Interim Chief Accounting Officer

 

San Jose, Calif. – January 28, 2021 - QuickLogic Corporation (NASDAQ: QUIK) (“QuickLogic” or the “Company”), a developer of ultra-low power multi-core voice enabled SoCs, embedded FPGA IP, and Endpoint AI solutions, today announced that Suping (Sue) Cheung, Chief Financial Officer, submitted her resignation, effective February 17, 2021. Ms. Cheung will relocate in order to accept a new Chief Financial Officer role with a public company, and her resignation is not the result of any dispute or disagreement with QuickLogic on any matter relating to QuickLogic's operations, policies or practices.

 

Ms. Cheung has served in many senior level roles at QuickLogic since joining the Company in 2007, most recently as Chief Financial Officer since August 2016. She is committed to an orderly transition of her duties and will stay with QuickLogic through its upcoming earnings announcement and call on February 17 after market close. Effective upon Ms. Cheung’s departure, and until a successor has been identified, QuickLogic has appointed Mr. Anthony Contos, who recently joined QuickLogic as the Company’s Corporate Controller, to serve as its interim Chief Accounting Officer.

 

“On behalf of the QuickLogic team, I want to extend our sincere thanks to Sue for her many contributions to the Company over the past 14 years,” said Brian Faith, President and Chief Executive Officer of QuickLogic. “Sue was instrumental in building a strong finance team and managing QuickLogic’s financial operations as we have executed on our transition from a component semiconductor supplier to a platform company. Sue has been a consummate professional, which was further demonstrated by her willingness to stay through the reporting of our fourth quarter and fiscal year results on February 17. We thank Sue for her leadership, partnership, and friendship and wish her success in her new endeavor.”

 

“I am proud of what QuickLogic has accomplished. The Company is well positioned to deliver on its strategic agenda,” said Sue Cheung. “I am grateful for the opportunity to have partnered with Brian and the team for so many years and to have worked with so many talented colleagues.”

 

The Company plans to engage in a search to fill the permanent Chief Financial Officer position.

 

 

About QuickLogic

 

QuickLogic is a fabless semiconductor company that develops low power, multi-core semiconductor platforms and Intellectual Property (IP) for Artificial Intelligence (AI), voice and sensor processing. The solutions include an embedded FPGA IP (eFPGA) for hardware acceleration and pre-processing, and heterogeneous multi-core SoCs that integrate eFPGA with other processors and peripherals. The Analytics Toolkit from the Company’s wholly-owned subsidiary, SensiML Corporation, completes the end-to-end solution with accurate sensor algorithms using AI technology. The full range of platforms, software tools and eFPGA IP enables the practical and efficient adoption of AI, voice and sensor processing across the multitude of mobile, wearable, hearable, consumer, industrial, edge and endpoint IoT applications. For more information, visit www.quicklogic.com and https://www.quicklogic.com/blog/.

 

 
 

 

QuickLogic uses its website (www.quicklogic.com), the company blog (https://www.quicklogic.com/blog/), corporate Twitter account (@QuickLogic_Corp), Facebook page (https://www.facebook.com/QuickLogic), and LinkedIn page (https://www.linkedin.com/company/quicklogic/) as channels of distribution of information about its products, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and QuickLogic may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the Company’s website and its social media accounts in addition to following the Company’s press releases, SEC filings, public conference calls, and webcasts.

 

Forward Looking Statements

 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, expectations regarding our future business, and actual results may differ due to a variety of factors including: delays in the market acceptance of the Company’s new products; the ability to convert design opportunities into customer revenue; our ability to replace revenue from end-of-life products; the level and timing of customer design activity; the market acceptance of our customers’ products; the risk that new orders may not result in future revenue; our ability to introduce and produce new products based on advanced wafer technology on a timely basis; our ability to adequately market the low power, competitive pricing and short time-to-market of our new products; intense competition by competitors; our ability to hire and retain qualified personnel; our ability to capitalize on synergies with our newly acquired subsidiary SensiML Corporation; changes in product demand or supply; general economic conditions; political events, international trade disputes, natural disasters and other business interruptions that could disrupt supply or delivery of, or demand for, the Company’s products; the unpredictable and ongoing impact of the COVID-19 pandemic; and changes in tax rates and exposure to additional tax liabilities. These and other potential factors and uncertainties that could cause actual results to differ materially from the results contemplated or implied are described in more detail in the Company’s public reports filed with the Securities and Exchange Commission (the "SEC"), including the risks discussed in the “Risk Factors” section in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and in the Company’s prior press releases, which are available on the Company's Investor Relations website at http://ir.quicklogic.com/, and on the SEC website at www.sec.gov. In addition, please note that the date of this press release is January [28], 2021, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

 

QuickLogic and logo are registered trademarks of QuickLogic. All other trademarks are the property of their respective holders and should be treated as such.

 

Company Contact

 

Brian Faith

President and Chief Executive Officer

(408) 990-4000

ir@quicklogic.com

 

 

IR Contact

 

Jim Fanucchi 
Darrow Associates, Inc.
(408) 404-5400
ir@quicklogic.com

CODE: QUIK-E