November 25, 2022

Sierra Wireless Security Holders Approve Acquisition by Semtech Corporation


CAMARILLESemtech Company (Nasdaq: SMTC), a leading global provider of high-performance analog and mixed-signal semiconductors and advanced algorithms, today confirmed that securityholders of Sierra Wireless, Inc. approved the acquisition of all of the outstanding shares of sierra wireless by 13548597 Canada Inc.100% subsidiary of Semtech Company by way of a statutory plan of arrangement (the “Arrangement”) at the special meeting of securityholders held today.

The arrangement is subject to antitrust and competition approvals in the WE and Canadarespectively, the approval of the British Columbia Supreme Court (the “Court”) and other customary closing conditions. The Court hearing for the final Order approving the Arrangement is scheduled to take place on September 29, 2022and completion of the Arrangement is expected to occur in the Company’s 2023 fiscal year.

About Semtech

Semtech Company is a leading global provider of high-performance analog and mixed-signal semiconductors and advanced algorithms for high-end infrastructure, consumer and industrial equipment. The products are designed to benefit the engineering community as well as the global community. The Company is committed to reducing its impact and that of its products on the environment. Internal green programs aim to reduce waste through control of materials and manufacturing, use of green technologies and design for resource reduction. Publicly traded since 1967, Semtech is listed on the Nasdaq Global Select Market under the symbol SMTC.

Forward-Looking Statements and Cautions

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended, based on the Company’s current expectations, estimates and projections regarding its activities, its sector, its financial condition, performance, results of operations and liquidity. Forward-looking statements are statements other than historical information or statements about current conditions and relate to matters such as future financial performance, future operating performance, the anticipated impact of specific items on future profits and Company plans, objectives and expectations. Statements containing words such as “may”, “believe”, “anticipate”, “expect”, “intend”, “plan”, “project”, “estimate”, “should”, ” will”, “designed for”, “projections”, or “business prospects”, or other similar expressions constitute forward-looking statements.

Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results and events to differ materially from those projected. Potential factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, but are not limited to: the inability to obtain the regulatory approvals required for the closing of the acquisition, including the approval of British Columbia Supreme Court and non-compliance with the conditions of completion of the Acquisition; potential legal proceedings related to the acquisition and the outcome of such legal proceedings; the occurrence of any event, change or other circumstance that may give rise to the termination of the Arrangement; the risk that the acquisition will not be completed within the expected time frame, or at all, and the factors set forth under “Risk Factors” in the company’s annual report on Form 10-K for the fiscal year ended January 30, 2022 filed with the Security and Exchange Commission (there ‘SECOND‘) on March 16, 2022 and under “Risk Factors” in the Company’s Quarterly Report on Form 10-Q filed with the SECOND on August 31, 2022as these risk factors may be modified, supplemented or replaced from time to time by other reports that the Company files with the SECOND. In light of the significant risks and uncertainties inherent in the forward-looking information included herein, which may cause actual performance and results to differ materially from those projected, such forward-looking information should not be construed as representations or guarantees by the Company of future results. its performance or results, or that its objectives or plans will be achieved, or that any of its operating expectations or financial forecasts will be realized. Published results should not be taken as an indication of future performance. Investors are cautioned not to place undue reliance on the forward-looking information contained herein, which reflects management’s analysis only as of the date hereof.


Ronda Grech

Tel: (805) 250-1263

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