Integrated Silicon Solution, Inc. Reports Inducement Option Grants in Connection with Closing of the Acquisition of Chingis Technology Corporation
SAN JOSE, Calif., Sept. 18, 2012 /PRNewswire/ -- Integrated Silicon Solution, Inc. (ISSI), a leader in advanced memory solutions, today announced that it has made inducement stock option grants to 72 new employees in connection with its acquisition of Chingis Technology Corporation ("Chingis"). The inducement options cover an aggregate of 439,500 shares of ISSI common stock and are being made as a material inducement to employees entering into employment with ISSI in connection with the acquisition transaction. The options have an exercise price of $10.42 per share which was the closing price of ISSI common stock on the date of grant. The options are subject to vesting based on continued service over a period of four years from the date the options were granted. The ISSI Compensation Committee, which is comprised solely of independent directors, approved the options pursuant to the Integrated Silicon Solution, Inc. 2012 Inducement Option Plan. The options were granted without stockholder approval in accordance with NASDAQ Listing Rule 5635(c)(4).
ISSI announced the completion of its tender offer for Chingis shares yesterday.
About the Company
ISSI is a fabless semiconductor company that designs and markets high performance integrated circuits for the following key markets: (i) automotive, (ii) communications, (iii) industrial, medical, and military, and (iv) digital consumer. The Company's primary products are high speed and low power SRAM and low and medium density DRAM. With its acquisition of Chingis, ISSI designs and markets a variety of NOR flash memory technologies used in standalone and embedded applications. ISSI also designs and markets high performance analog and mixed signal integrated circuits. ISSI is headquartered in Silicon Valley with worldwide offices in Taiwan, Japan, Singapore, China, Europe, Hong Kong, India, and Korea. Visit our web site at http://www.issi.com/.
SOURCE Integrated Silicon Solution, Inc.