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Share Name | Share Symbol | Market | Type |
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SemiLEDS Corporation | NASDAQ:LEDS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0249 | 1.60% | 1.5849 | 1.51 | 1.66 | 1.60 | 1.52 | 1.55 | 13,804 | 01:00:00 |
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reusing sapphire substrate in subsequent production runs;
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optimizing our epitaxial growth processes to create layers that efficiently convert electrical current into light;
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employing a copper alloy base manufacturing technology to improve our chip’s thermal and electrical performance;
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utilizing nanoscale surface engineering to improve usable light extraction;
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manufacturing extremely small footprint LEDs with optimized yield, ideal for Mini LED applications;
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developing a LED structure that generally consists of multiple epitaxial layers which are vertically-stacked on top of a copper alloy base;
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developing low cost Chip Scaled Packaging (CSP) technology; and
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developing multi-pixel Mini LED packages for commercial displays.
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Our declining cash position.
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Our ability to improve our liquidity, access alternative sources of funding and obtain additional equity capital or credit when necessary for our operations.
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The impact of the COVID-19 pandemic on our business and the business of our customers.
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The inability of our suppliers or other contract manufacturers to produce products that satisfy our requirements.
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Our ability to implement our cost reduction programs and to execute our restructuring plan effectively.
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Our ability to improve our gross margins, reduce our net losses and restore our operations to profitability.
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Our ability to successfully introduce new products that we can produce and that customers will purchase in such amounts as to be sufficiently profitable to cover the costs of developing and producing these products, as well as providing us additional net income from operations.
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Our ability to effectively develop, maintain and expand our sales and distribution channels, especially in the niche LED markets, including the UV LED and architectural lighting that we focus on.
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Our ability to successfully manage our operations in the face of the cyclicality, rapid technological change, rapid product obsolescence, declining average selling prices and wide fluctuations in supply and demand typically found in the LED market.
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Competitive pressures from existing and new companies.
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Our ability to grow our revenues generated from the sales of our products and to control our expenses.
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Loss of any of our key personnel, or our failure to attract, assimilate and retain other highly qualified personnel.
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Intellectual property infringement or misappropriation claims by third parties against us or our customers, including our distributor customers.
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The failure of LEDs to achieve widespread adoption in the general lighting market, or if alternative technologies gain market acceptance.
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The loss of key suppliers or contract manufacturers.
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Our ability to effectively expand or upgrade our production facilities or do so in a timely or cost-effective manner.
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Difficulty in managing our future growth or in responding to a need to contract operations, and the associated changes to our operations.
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Adverse development in those selected markets, including the Netherlands, Ireland, Taiwan, Japan, the United States, Germany and India, where our revenues are concentrated, including the impact of the COVID-19 pandemic on customer demand.
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Our ability to develop and execute upon a new strategy to exploit the China and India market.
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Our ability to resolve pending litigation on favorable terms.
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The reduction or elimination of government investment in LED lighting or the elimination of, or changes in, policies in certain countries that encourage the use of LEDs over some traditional lighting technologies.
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Our ability to implement our product innovation strategy effectively, particularly in view of the prohibition against our (and/or our assisting others in) making, using, importing, selling and/or offering to sell in the United States our accused products and/or any device that includes an accused product after October 1, 2012 as a result of the injunction agreed to in connection with the Cree Inc., or Cree, litigation.
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Loss of customers.
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Failure of our strategy of marketing and selling our products in jurisdictions with limited intellectual property enforcement regimes.
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Lack of marketing and distribution success by our third-party distributors.
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Our customers’ ability to produce and sell products incorporating our LED products.
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Our failure to adequately prevent disclosure of trade secrets and other proprietary information.
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Ineffectiveness of our disclosure controls and procedures and our internal control over financial reporting.
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Our ability to profit from future joint ventures, investments, acquisitions and other strategic alliances.
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Impairment of long-lived assets or investments.
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Undetected defects in our products that harm our sales and reputation and adversely affect our manufacturing yields.
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The availability of adequate and timely supply of electricity and water for our manufacturing facilities.
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Our ability to comply with existing and future environmental laws and the cost of such compliance.
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The ability of SemiLEDs Optoelectronics Co., Ltd., or Taiwan SemiLEDs, to make dividends and other payments to SemiLEDs Corporation.
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Our ability to obtain necessary regulatory approvals to make further investments in Taiwan SemiLEDs.
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Catastrophic events such as fires, earthquakes, floods, tornados, tsunamis, typhoons, pandemics, including the COVID-19 pandemic, wars, terrorist activities and other similar events, particularly if these events occur at or near our operations, or the operations of our suppliers, contract manufacturers and customers.
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The effect of the legal system in the People’s Republic of China, or the PRC.
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Labor shortages, strikes and other disturbances that affect our operations.
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Deterioration in the relations between the PRC and Taiwan governments.
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Fluctuations in the exchange rate among the U.S. dollar, the New Taiwan, or NT, dollar, the Japanese Yen and other currencies in which our sales, raw materials and component purchases and capital expenditures are denominated.
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Other risks and uncertainties, including those described in the section entitled “Risk Factors” in this prospectus supplement and the accompanying prospectus, as well as in our Annual Report on Form 10-K for the fiscal year ended August 31, 2020, which risk factors are incorporated herein by reference.
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the market price of our common stock has experienced and may continue to experience rapid and substantial increases or decreases unrelated to our operating performance or prospects, or macro or industry fundamentals, and substantial increases may be significantly inconsistent with the risks and uncertainties that we continue to face;
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factors in the public trading market for our common stock include the sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums), the direct access by retail investors to broadly available trading platforms, the amount and status of short interest in our securities, access to margin debt, trading in options and other derivatives on our common stock and any related hedging and other trading factors;
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our market capitalization, as implied by various trading prices, currently reflects valuations that diverge significantly from those seen prior to recent volatility, and to the extent these valuations reflect trading dynamics unrelated to our financial performance or prospects, purchasers of our common stock could incur substantial losses if there are declines in market prices driven by a return to earlier valuations;
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to the extent volatility in our common stock is caused, as has widely been reported, by a “short squeeze” in which coordinated trading activity causes a spike in the market price of our common stock as traders with a short position make market purchases to avoid or to mitigate potential losses, investors purchase at inflated prices unrelated to our financial performance or prospects, and may thereafter suffer substantial losses as prices decline once the level of short-covering purchases has abated; and
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if the market price of our common stock declines, you may be unable to resell your shares at or above the price at which you acquired them. We cannot assure you that the equity issuance of our common stock will not fluctuate or decline significantly in the future, in which case you could incur substantial losses.
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overall performance of the equity markets and the economy as a whole;
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changes in the financial projections we may provide to the public or our failure to meet these projections;
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actual or anticipated changes in our growth rate relative to that of our competitors;
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changes in the anticipated future size or growth rate of our addressable markets;
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announcements of new products and services, technological updates or enhancements, or of acquisitions, strategic partnerships, joint ventures or capital-raising activities or commitments, by us or by our competitors;
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additions or departures of board members, management or key personnel;
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failure of securities analysts to initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our company or our failure to meet these estimates or the expectations of investors;
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rumors and market speculation involving us or other companies in our industry;
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research or reports that securities analysts or others publish about us or our business;
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new laws or regulations or new interpretations of existing laws or regulations applicable to our business;
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lawsuits threatened or filed against us or investigations by governmental authorities;
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other events or factors, including those resulting from war, incidents of terrorism, or responses to these events;
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health epidemics, such as the COVID-19 pandemic, influenza, and other highly communicable diseases; and
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sales of shares of our common stock by us or our stockholders.
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Assumed public offering price per share
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$15.95
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Net tangible book value per share as of February 28, 2021
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$0.37
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Increase in net tangible book value per share attributable to this offering
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3.53
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As-adjusted net tangible book value per share after this offering
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3.90
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Dilution per share to new investors purchasing in this offering
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$12.05
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1,650 shares of our common stock issuable upon the exercise of stock options outstanding at a weighted-average exercise price of $48.90 per share;
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107,500 restricted stock units (“RSUs”) outstanding at a weighted-average grant date fair value of $2.37 per share; and
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1,421,000 shares of common stock as of February 28, 2021 reserved for future issuance under our 2010 Equity Incentive Plan, of which 1,048,000 are available for future issuance.
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our Annual Report on Form 10-K for the fiscal year ended August 31, 2020, filed with the SEC on November 17, 2020;
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our Quarterly Reports on Form 10 Q for the quarters ended November 30, 2020 and February 28, 2021, filed with the SEC on January 14, 2021 and April 12, 2021, respectively;
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our Current Reports on Form 8 K filed with the SEC on September 4, 2020, September 28, 2020, October 5, 2020, January 21, 2021, April 23, 2021, June 23, 2021, and June 25, 2021; and
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the description of our common stock, contained in our registration statement on Form 8-A, filed on December 2, 2010 pursuant to Section 12(b) of the Exchange Act, including any amendment or report filed for the purpose of updating such description.
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reusing sapphire substrate in subsequent production runs;
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optimizing our epitaxial growth processes to create layers that efficiently convert electrical current into light;
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employing a copper alloy base manufacturing technology to improve our chip’s thermal and electrical performance;
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utilizing nanoscale surface engineering to improve usable light extraction;
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manufacturing extremely small footprint LEDs with optimized yield, ideal for Mini LED applications;
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developing a LED structure that generally consists of multiple epitaxial layers which are vertically-stacked on top of a copper alloy base;
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developing low cost Chip Scaled Packaging (CSP) technology; and
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developing multi-pixel Mini LED packages for commercial displays.
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subject to the rights of the holders of any series of Preferred Stock, no action shall be taken by the stockholders of the Corporation other than at an annual or special meeting of the stockholders, and no action shall be taken by the stockholders by written consent;
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the provisions in the Certificate of Incorporation may not be amended or repealed in any respect unless such amendment or repeal is approved by the affirmative vote of the record holders of at least a majority of the total voting power of all issued and outstanding shares entitled to vote thereon;
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an advance notice of stockholder nominations for the election of directors or of business to be brought by the stockholders before any meeting of the stockholders shall be given in the manner provided in the Corporation’s Bylaws;
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each holder of shares of any class or series of capital stock of the Corporation shall be entitled to one vote for each share held, and no stockholder will be permitted to cumulate votes, at any election of directors;
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removal of directors only with cause, and by the holders of a majority of the shares then entitled to vote at an election of directors, voting together as a single class;
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no reduction of the authorized number of directors shall have the effect of removing any director prior to the expiration of such director’s term of office;
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the calling of special meetings of shareholders only by the president, a majority of the board of directors or the holders of not less than 25% of all votes entitled to be cast on the matters to be considered at such meeting; and
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the issuance of preferred stock by the board without further action by the shareholders.
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any merger or consolidation involving the corporation and the interested stockholder;
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any sale, transfer, lease, pledge, exchange, mortgage or other disposition involving the interested stockholder of 10% or more of the assets of the corporation;
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subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;
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subject to exceptions, any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; or
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the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges, or other financial benefits provided by or through the corporation.
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the title of such securities;
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the offering price or prices and aggregate number of warrants offered;
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the currency or currencies for which the warrants may be purchased;
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if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security;
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if applicable, the date on and after which the warrants and the related securities will be separately transferable;
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if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;
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in the case of warrants to purchase common stock or preferred stock, the number of shares of common stock or preferred stock, as the case may be, purchasable upon the exercise of one warrant and the price at which, and the currency in which, these shares may be purchased upon such exercise;
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the effect of any merger, consolidation, sale or other disposition of our business on the warrant agreements and the warrants;
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the terms of any rights to redeem or call the warrants;
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the terms of any rights to force the exercise of the warrants;
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any provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants;
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the dates on which the right to exercise the warrants will commence and expire;
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the manner in which the warrant agreements and warrants may be modified;
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a discussion of any material or special United States federal income tax consequences of holding or exercising the warrants;
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the terms of the securities issuable upon exercise of the warrants; and
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any other specific terms, preferences, rights or limitations of or restrictions on the warrants.
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the title and aggregate number of the rights;
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the subscription price or a formula for the determination of the subscription price for the rights and the currency or currencies in which the subscription price may be payable;
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if applicable, the designation and terms of the securities with which the rights are issued and the number of rights issued with each such security or each principal amount of such security;
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the number or a formula for the determination of the number of the rights issued to each stockholder;
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the extent to which the rights are transferable;
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in the case of rights to purchase common stock or preferred stock, the type of stock and number of shares of stock purchasable upon exercise of one right;
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the date on which the right to exercise the rights will commence, and the date on which the rights will expire (subject to any extension);
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if applicable, the minimum or maximum amount of the rights that may be exercised at any one time;
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the extent to which such rights include an over-subscription privilege with respect to unsubscribed securities;
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if applicable, the procedures for adjusting the subscription price and number of shares of common stock or preferred stock purchasable upon the exercise of each right upon the occurrence of certain events, including stock splits, reverse stock splits, combinations, subdivisions or reclassifications of common stock or preferred stock;
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the effect on the rights of any merger, consolidation, sale or other disposition of our business;
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the terms of any rights to redeem or call the rights;
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information with respect to book-entry procedures, if any;
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the terms of the securities issuable upon exercise of the rights;
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if applicable, the material terms of any standby underwriting, backstop or other purchase arrangement that we may enter into in connection with the rights offering;
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if applicable, a discussion of certain U.S. federal income tax considerations; and
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any other terms of the rights, including terms, procedures and limitations relating to the exchange and exercise of the rights.
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the designation and terms of the units and the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately;
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any provision for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; and
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whether the units will be issued in fully registered or global form.
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at a fixed price or prices, which may be changed;
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at market prices prevailing at the time of sale;
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at prices related to such prevailing market prices;
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at varying prices determined at the time of sale; or
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at negotiated prices.
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on or through the facilities of The Nasdaq Capital Market or any other securities exchange or quotation or trading service on which such securities may be listed, quoted or traded at the time of sale; and/or
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to or through a market maker otherwise than on The Nasdaq Capital Market or such other securities exchanges or quotation or trading services.
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the name or names of any underwriters, dealers or agents participating in the offering, if any;
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the purchase price of the securities sold by us to any underwriter or dealer and the net proceeds we expect to receive from the offering;
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any option, under which underwriters may purchase additional securities from us;
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any agency fees or underwriting discounts or commissions and other items constituting agents’ or underwriters’ compensation;
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any public offering price;
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any discounts or concessions allowed or reallowed or paid to dealers; and
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any securities exchange or market on which the securities may be listed.
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our Annual Report on Form 10-K for the fiscal year ended August 31, 2020, filed with the SEC on November 17, 2020;
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our Quarterly Reports on Form 10-Q for the quarters ended November 30, 2020 and February 28, 2021, filed with the SEC on January 14, 2021 and April 12, 2021, respectively;
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our Current Reports on Form 8-K filed with the SEC on September 4, 2020, September 28, 2020, October 5, 2020, January 21, 2021 and April 23, 2021, and
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the description of our common stock, contained in our registration statement on Form 8-A, filed on December 2, 2010 pursuant to Section 12(b) of the Exchange Act, including any amendment or report filed for the purpose of updating such description.
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