June 21, 2011 – BUSINESS WIRE — A special meeting of Endwave Corporation (NQ:ENWV) stockholders approved Endwave’s acquisition by GigOptix Inc. (OTCBB:GGOX), semiconductor and optical component supplier. At the meeting, holders of more than 55% of outstanding Endwave shares (more than 98% of the shares at the meeting), were voted for the acquisition.
Under the terms of the acquisition, all outstanding Endwave common stock shares will be converted into shares of GigOptix common stock. Conversion ratio = approximately 0.908, or about $24 million in stock.
Dr. Avi Katz, GigOptix CEO and chairman of the Board, called the acquisition a move toward "one-stop-shop supplier" status in high-speed information streaming analog and optical components.
John Mikulsky, Endwave’s former CEO, was appointed to the GigOptix Board. GigOptix will relocate its headquarters to Endwave’s site at 130 Baytech Drive, San Jose, CA 95134. GigOptix will additionally proceed with strategic changes to its leadership structure that include a horizontal class of functional organizations led by three executives, which are supported by three general manager executives each leading specific vertical product lines. This revised structure will help streamline company-wide collaboration and expand business and product portfolios. The majority of the integration process to be completed early in Q3 2011, said Dr. Katz.
GigOptix supplies semiconductor and optical components that enable high speed information streaming and address emerging high-growth opportunities in the communications, industrial, defense and avionics industries. GigOptix is actively pursuing shares listing on the NYSE Amex.