SIMO - Silicon Motion Files Notice of Arbitration Claim Against MaxLinear | Benzinga
TAIPEI, Taiwan and MILPITAS, Calif., Oct. 05, 2023 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NASDAQ:SIMO) ("Silicon Motion" or "the Company"), a global leader in designing and marketing NAND flash controllers for solid state storage devices, today commenced an arbitration against MaxLinear, Inc. for breaching its May 5, 2022 agreement to acquire the Company (the "Merger Agreement").
The claim was filed in the Singapore International Arbitration Centre ("SIAC"), as provided under the Merger Agreement. In the arbitration, the Company seeks payment of the termination fee of $160 million, further substantial damages, interest and costs. The Company has nominated an arbitrator. Each party is entitled to nominate one arbitrator and the party-nominated arbitrators will jointly nominate a third arbitrator (or, if they fail to do so, the third arbitrator will be appointed by the SIAC).
Under the SIAC Arbitration Rules, all matters relating to the proceedings are confidential.
About Silicon Motion
Silicon Motion is the global leader in supplying NAND flash controllers for solid state storage devices. Silicon Motion supplies more SSD controllers than any other company in the world for servers, PCs and other client devices and is the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications. Silicon Motion also supplies customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions. Silicon Motion's customers include most of the NAND flash vendors, storage device module makers and leading OEMs. For further information on Silicon Motion, visit