SEPTEMBER 28--MathStar (Hillsboro, OR, USA) has signed definitive agreements for a private placement of its common stock and common stock purchase warrants for gross proceeds of approximately $12.6 million. In the private offering, the company sold approximately 3.1 million shares of common stock and common stock purchase warrants to purchase approximately 1.3 million shares. The warrants have a five-year term and an exercise price of $6/share. The private placement is subject to customary closing conditions and is expected to close within the next several days.
"MathStar is currently making the transition from a research-and-development company to a commercial enterprise. This financing will be used to speed the commercialization of our Arrix family of FPOA products," said Doug Pihl, MathStar CEO.
MathStar is a fabless semiconductor company that designs, manufactures, and markets programmable logic chips called field-programmable object arrays (FPOAs)--high-performance, reprogrammable integrated circuits based on proprietary silicon-object technology. MathStar's reprogrammable FPOA can process logic functions at a clock rate up to 1 GHz, faster than current commercially available programmable logic devices.
MathStar's flagship product line, the Arrix family, represents a solution for digital-signal processing and filtering applications in the machine-vision, video processing, medical imaging, and military/aerospace markets. FPOAs are available now and supported by a wide range of development tools, libraries, application notes and technical documentation. For more information, visit www.mathstar.com.
