Vertical GaN startup Odyssey closing with asset sale

Vertical GaN startup Odyssey closing with asset sale

Business news |
By Peter Clarke

Odyssey Semiconductor Technologies Inc. (Ithaca, New York), a startup founded in 2019 to commercialize vertical conduction GaN devices, has agreed to sell its assets for US$9.52 million and then be wound up.

Odyssey operates a 10,000 square foot semiconductor wafer manufacturing facility complete with a mix of class 1,000 and class 10,000 clean space as well as tools for advanced semiconductor development and production. It has been striving to introduce vertical GaN FET transistors that operate at 650V and 1200V.

The buyer is described as a large semiconductor company but the name is being withheld as confidential during a 20-calendar-day “go shop” period.

“We are pleased that we have found a strong buyer. We also appreciate that we have been afforded an opportunity to shop this purchase opportunity for 20 calendar days in an effort to ensure as many interested parties as possible can accurately gauge the potential value of our technology and assets at this point in time,” said Rick Brown, CEO of Odyssey in a statement.

The asset sale, which was approved by the Odyssey board of directors, is expected to close early in 3Q24 subject to customary closing conditions, including approval by Odyssey shareholders.

After paying off loans and transaction expenses the company expects to have approximately US$1.3 million to be shared with the holders of 14.5 million shares. The transaction is expected to close on or around July 1, but no later than July 10, 2024 with the company being wound up by the end of 2024 at the earliest.

In 2023 the company made a net loss of US$4.47 million on sales revenue of US$291,900. This compared with a net loss of US$5.69 million on sales revenue of US$321,049 in 2022.

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