Mimix acquires Celeritek assets, raises $8.5 million
Shareholders in Celeritek have approved plans to liquidate the designer and manufacturer of GaAs-based RFICs.
Most of Celeritek's assets have been sold off to Mimix Broadband. Mimix, which is based in Houston, TX, paid $2.8 million in cash for the Santa Clara company, and took on $6 million in liabilities.
Celeritek's board of directors said that a cash dividend worth a total of $8.4 million will now be distributed to shareholders in the company. Any remaining cash will be similarly shared out under the plan for complete liquidation.
Mimix, which says that the acquisition of Celeritek gives it an immediate platform to expand its existing product portfolio and enter new markets in the telecom, satellite and defense sectors, has raised an additional $8.5 million in investment.
Financing in the latest round came from 3i, First Capital Group of Texas and Gefinor Ventures, as well as private investors.
Mimix CEO Rick Montgomery said of the Celeritek acquisition: "We believe this winning combination will generate innovative technology and supply superior customer support, building the very best platform in the microwave and millimetre-wave semiconductor industry."