NAND flash controller chip vendor Skymedi Corp (擎泰) laid off between 60 and 70 percent of its workforce last month to reduce costs and plans to raise funds by launching a private placement next year, a company spokesman said yesterday.
According to media reports, Skymedi originally had 48 employees. After it implemented the workforce reduction plan last month, 30 workers have been laid off. It plans to lay off two more employees in February and March next year respectively.
The company spokesman confirmed the reports, saying that due to operating difficulties, the company decided to downsize its workforce to reduce costs and expenditures and will offer severance pay to laid-off employees in accordance with the relevant regulations.
The company will seek new clients, launch a private placement, and attract strategic partners, the spokesman added.
Private placement is a common method of raising capital through the offering of equity shares.
Skymedi plans to raise capital via a private placement of 40 million shares and the plan will be discussed during a board meeting in January next year, the spokesman said.
It was reported that Simon Chen (陳立白), the chairman of Adata Technology Co (威剛科技), a leading memory product and solutions provider/manufacturer, is considering taking a commanding stake in the company through the planned private placement.
In 2010, Skymedi recorded earnings per share of NT$16.35, thanks to massive orders from South Korea’s Samsung Electronics Co. However, after it became listed on the over-the-counter market in 2011, its sales declined significantly due to diminishing demand from Samsung. In 2012, it posted a net loss of NT$14.94 per share.
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