Semtech Corporation and Sierra Wireless Announce Termination of the Waiting Period Under the HSR Act

Closing of the Transaction is now Expected to Occur on or About January 12, 2023

Semtech Corporation (Nasdaq: SMTC) ("Semtech") and Sierra Wireless, Inc. (Nasdaq: SWIR) (TSX: SW) ("Sierra") today announced the termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act").

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230105005923/en/

(Graphic: Business Wire)

(Graphic: Business Wire)

As previously disclosed on October 18, 2022, Semtech and Sierra each received a request for additional information and documentary material (the "Second Request") from the Antitrust Division of the U.S. Department of Justice (the "DOJ") in connection with the DOJ's review of Semtech's pending acquisition of Sierra (the "Transaction"). On January 5, 2023, Semtech and Sierra were notified that the waiting period had been terminated.

The parties currently anticipate that the closing of the Transaction will occur on or about January 12, 2023, subject to the satisfaction (or, to the extent permitted by applicable law, waiver) of the closing conditions set forth in the Arrangement Agreement that by their nature are to be satisfied at the closing of the Transaction.

About Semtech

Semtech Corporation is a leading global supplier of high performance analog and mixed-signal semiconductors and advanced algorithms for infrastructure, high-end consumer and industrial equipment. Semtech's products are designed to benefit the engineering community as well as the global community. Semtech is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction. Publicly traded since 1967, Semtech is listed on the Nasdaq Global Select Market under the symbol SMTC. For more information, visit www.semtech.com .

SMTC-F

About Sierra Wireless

Sierra Wireless is a world leading IoT solutions provider that combines devices, network services, and software to unlock value in the connected economy. Sierra Wireless works with its customers to develop the right industry-specific solution for their IoT deployments, whether this is an integrated solution to help connect edge devices to the cloud, a software/API service to manage processes with billions of connected assets, or a platform to extract real-time data to improve business decisions. With more than 25 years of cellular IoT experience, Sierra Wireless is a global partner customers trust to deliver them their next IoT solution. For more information, visit www.sierrawireless.com .

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended, and "forward-looking information" within the meaning of Canadian securities legislation (collectively, "forward-looking statements"), and is based on management's current expectations, estimates and projections regarding future events. Forward-looking statements are statements other than historical information or statements of current condition and, as used in this press release, relate to matters such as, among others, the consummation of the proposed transaction and the expected timing thereof. Statements containing words such as "may," "believes," "anticipates," "expects," "intends," "plans," "projects," "estimates," "should," "will," "designed to," or "projections," or other similar expressions also constitute forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results and events to differ from those expressed or implied by such forward-looking statements. Potential factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to the risk factors set forth in Semtech's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("the SEC") ( www.sec.gov ) on March 16, 2022 and Sierra's Annual Information Form included as part of Sierra's Form 40-F filed with the SEC on March 18, 2022 and available under Sierra's profile on SEDAR ( www.sedar.com ), in each case, as such risk factors may be updated, amended or superseded from time to time by subsequent reports that Semtech or Sierra files with or furnishes to the SEC. These forward-looking statements are made as of the date of this press release and Semtech and Sierra Wireless assume no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.

Semtech, the Semtech logo and LoRa are registered trademarks or service marks of Semtech Corporation or its subsidiaries.

"Sierra Wireless" is a registered trademark of Sierra Wireless, Inc. Other product or service names mentioned herein may be the trademarks of their respective owners.

Press and Investor Contact

Semtech  
Julie McGee
Chief Marketing Officer
jmcgee@semtech.com

Sierra Wireless
Louise Matich
Senior Corporate Communications Lead
pr@sierrawireless.com

Sean Fallis
Vice President, Finance
investor@sierrawireless.com

News Provided by Business Wire via QuoteMedia

SW:CA
The Conversation (0)

Meta at UNGA 2024

Meta

Takeaways

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Apple extends its privacy leadership with new updates across its platforms

Private Cloud Compute sets a new standard for privacy in artificial intelligence

Apple® today announced new updates across its platforms that help empower users and keep them in control of their data. Private Cloud Compute extends the industry-leading protections of iPhone® to the cloud, so that users don't have to choose between powerful intelligence grounded in their personal context and strong privacy protections. Apple also raised the bar for privacy with new features, such as locked and hidden apps, aimed at helping users protect sensitive areas of their phones. Apple introduced additional features designed with privacy and security in mind, including categorization in Mail, Messages via satellite, and presenter preview.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Apple empowers developers and fuels innovation with new tools and resources

Enhancements to Xcode and Swift, combined with new APIs, offer developers expanded capabilities for creating high-quality apps

Apple® today unveiled a suite of innovative new tools and resources designed to enable developers worldwide to create more powerful and efficient apps across all Apple platforms. With Xcode® 16, developers can save time in their development process and get more done thanks to features like Swift® Assist and predictive code completion. New and expanded APIs give developers the tools to advance their apps and introduce exciting features.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

iPadOS 18 introduces powerful new intelligence features and apps designed for Apple Pencil

iPadOS 18 takes iPad to the next level with Apple Intelligence, the introduction of Calculator with Math Notes, new handwriting tools in Notes, additional ways to customize iPad, and more

Apple ® today previewed iPadOS ® 18, a major release that enhances the iPad ® experience, making it more versatile and intelligent than ever. With iPadOS 18, Calculator comes to iPad with Math Notes, along with new handwriting tools in Notes — all designed for Apple Pencil ® . iPad users now have more ways to customize the Home Screen and Control Center, and with iPadOS 18, users receive the biggest redesign of the Photos app to date and new ways to express themselves in Messages.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

macOS Sequoia takes productivity and intelligence on Mac to new heights

The Mac experience gets better than ever with iPhone Mirroring, big updates to Safari, highly anticipated games, and Apple Intelligence to deliver all-new capabilities

Apple® today previewed macOS® Sequoia, the next version of the world's most advanced desktop operating system, bringing entirely new ways of working and transformative intelligence features to Mac®. macOS Sequoia is full of exciting new capabilities, including iPhone® Mirroring, which expands Continuity by enabling full access to and control of iPhone directly from macOS. Safari® gets another big update with the new Highlights feature for effortless information discovery on webpages while browsing. The new Passwords app makes it even easier to access passwords and organize credentials all in one place. Gaming advances with a more immersive experience, as well as a breadth of new titles, including Assassin's Creed Shadows, Frostpunk 2, and more.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

iOS 18 makes iPhone more personal, capable, and intelligent than ever

The release introduces all-new customization options, the biggest-ever redesign of Photos, powerful updates for staying connected, and Apple Intelligence, the personal intelligence system

Apple® today previewed iOS 18, a major release that features more customization options, the biggest redesign ever of the Photos app, new ways for users to manage their inbox in Mail, Messages over satellite, and so much more. Users will be able to arrange apps and widgets in any open space on the Home Screen, customize the buttons at the bottom of the Lock Screen, and quickly access more controls in Control Center. Photo libraries are automatically organized in a new single view in Photos, and helpful new collections keep favorites easily accessible. Mail simplifies the inbox by sorting email into categories using on-device intelligence, and all-new text effects come to iMessage®. Powered by the same groundbreaking technology as existing iPhone® satellite capabilities, users can now communicate over satellite in the Messages app when a cellular or Wi-Fi connection isn't available. 1

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×