Form 8-K - Current report

Infinera Corp false 0001138639 0001138639 2024-10-17 2024-10-17

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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): October 17, 2024

 

 

INFINERA CORPORATION

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware		001-33486		77-0560433
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

6373 San Ignacio Avenue

San Jose, California 95119

(Address of principal executive offices)

[phone]

(Registrant’s telephone number, including area code)

Not Applicable

(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:

 

☐	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 $0.001 per share		INFN		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

☐ 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.

 

 

 

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Item 8.01

Other Events.

On October 17, 2024, Infinera Corporation (the “Company”) issued a press release announcing that it and the U.S. Department of Commerce have signed a non-binding preliminary memorandum of terms for the Company to receive up to $93 million in direct funding as part of the bipartisan CHIPS and Science Act.

A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits:

 

Exhibit No.		Description
99.1		Press release issued by Infinera Corporation on October 17, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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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.

 

						INFINERA CORPORATION
Date: October 17, 2024				By:		/s/ NANCY ERBA
				Name:		Nancy Erba
				Title:		Chief Financial Officer and Principal Accounting Officer

Exhibit 99.1

 

Infinera Signs Non-Binding Preliminary Memorandum of Terms to Receive Up to $93 Million in CHIPS Act Funding

Proposed funding, combined with investment tax credits, could result in more than $200 million in total federal incentives to expand production and packaging of semiconductors to support critical U.S. infrastructure and AI

San Jose, Calif., – October 17, 2024 (5:05 AM ET) – Infinera (Nasdaq: INFN) and the U.S. Department of Commerce have signed a non-binding preliminary memorandum of terms for Infinera to receive up to $93 million in direct funding as part of the bipartisan CHIPS and Science Act. This proposed direct funding, when combined with investment tax credits available under the CHIPS and Science Act, could result in more than $200 million in total federal incentives as well as potential state and local incentives.

This proposed funding would support the expansion and modernization of both Infinera’s semiconductor capabilities in Silicon Valley, California and its advanced test and packaging capabilities in Lehigh Valley, Pennsylvania, increasing the company’s existing domestic manufacturing capacity by an estimated factor of ten. Combined proposed funding for these two projects could create up to 1,700 manufacturing and construction jobs while strengthening America’s supply chain, economic and national security.

“We are grateful for the bipartisan efforts under the CHIPS and Science Act to increase semiconductor fabrication and packaging in the U.S. and protect our national and economic security,” said David Heard, Infinera CEO. “The proposed CHIPS funding will enable us to better secure our supply chain and compete more effectively with foreign adversary nations. Our unique photonic semiconductors address the increased demand for bandwidth from consumers while opening new markets inside the data center driven by the explosive growth in AI workloads.”

Infinera’s award of the proposed CHIPS funding would not have been possible without bipartisan support and partnerships with local, state and federal officials. This support is instrumental to the long-term success of these projects and the growth of advanced manufacturing in the U.S.

Additional Resource:

Biden-Harris Administration Announces Preliminary Terms with Infinera to Support Development of Semiconductor Technology Important for Communications and National Security

Contacts:

 

Infinera Media: Anna Vue Tel. [phone] [e-mail]		Infinera Investors: Amitabh Passi, Head of Investor Relations Tel. [phone] [e-mail]

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About Infinera

Infinera is a global supplier of innovative open optical networking solutions and advanced optical semiconductors that enable carriers, cloud operators, governments, and enterprises to scale network bandwidth, accelerate service innovation, and automate network operations. Infinera solutions deliver industry-leading economics and performance in long-haul, submarine, data center interconnect, and metro transport applications. To learn more about Infinera, visit www.infinera.com, follow us on X and LinkedIn, and subscribe for updates.

Infinera and the Infinera logo are registered trademarks of Infinera Corporation.

This press release contains forward-looking statements, including but not limited to statements regarding Infinera’s ability to secure CHIPS funding and investment tax credits, and the anticipated benefits of any such funding and tax credits. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Actual results may vary materially from these expectations as a result of various risks and uncertainties. Information about risks and uncertainties that affect Infinera’s business is contained in the risk factors section and other sections of Infinera’s Quarterly Report on Form 10-Q for the Fiscal Quarter ended June 29, 2024 as filed with the SEC on August 2, 2024, as well as any subsequent reports filed with or furnished to the SEC. These reports are available on Infinera’s website at www.infinera.com and the SEC’s website at www.sec.gov. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies and can be identified by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would” or similar words. Infinera assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

Document and Entity Information	Oct. 17, 2024
Cover [Abstract]
Entity Registrant Name	Infinera Corp
Amendment Flag	false
Entity Central Index Key	0001138639
Document Type	8-K
Document Period End Date	Oct. 17, 2024
Entity Incorporation State Country Code	DE
Entity File Number	001-33486
Entity Tax Identification Number	77-0560433
Entity Address, Address Line One	6373 San Ignacio Avenue
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95119
City Area Code	(408)
Local Phone Number	572-5200
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, par value $0.001 per share
Trading Symbol	INFN
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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