QuickLogic Corp. –

SUNNYVALE, Calif. – QuickLogic Corp., a semiconductor and software company, held an initial public offering October 15, offering 6.7 million shares at $10 apiece. The company’s stock priced at the high end of its $8 to $10 filing range.

BancBoston Robertson Stephens, Bear, Stearns & Co. Inc. and SoundView Technology Group underwrote the IPO, which left 17.6 million shares outstanding.

Cypress Semiconductor Corp., Technology Venture Investors, U.S. Ventures Partners, Vertex Investments, Sequoia Capital, New Enterprise Associates and Morganthaler Venture Partners were venture backers. Cypress, the only selling shareholder, offered 3.3 million shares.

QuickLogic develops, markets and supports advanced field programmable gate array semiconductors, or FPGAs, and associated software tools, and has pioneered the development of embedded standard products, or ESPs. The company’s ESPs enable consumers to integrate increased amounts of functionality on a single semiconductor device by combining the flexibility and time-to-market advantage of the FPGAs with the predictability and high performance of standard semiconductor products.

The $30 million in proceeds expected from the IPO will be used for general corporate purposes and for the payment of an outstanding settlement obligation with Actel Corp. The company also might use a portion of the proceeds to acquire complementary products, technologies or businesses.

QuickLogic lost $ 33.6 million in 1997 before earning $245,000 in 1998.

Irwin Federman, a general partner at U.S. Venture Partners, joined the company’s board of directors in September 1989.

QuickLogic – Selected Financial

(in thousands, except per share data)

Year Ended December 31 Six Months Ended June 30

1996 1997 1998 1998* 1999*

Total revenue 23,758 28,460 30,007 14,078 18,425

Net income -3,597 -33,648 245 -189 987

Net income per share -4.66 -10.41 0.06 -0.05 0.23