UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 31, 2020
SiTime Corporation
(Exact name of Registrant as Specified in Its Charter)
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Delaware |
001-39135 |
02-0713868 |
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(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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5451 Patrick Henry Drive, Santa Clara, CA |
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95054 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s Telephone Number, Including Area Code: (408) 328-4400
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Common Stock, $0.0001 par value per share |
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SITM |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Item 7.01 Regulation FD Disclosure.
On August 31, 2020, SiTime Corporation issued a press release updating its revenue guidance for the quarter ending September 30, 2020. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information furnished pursuant to this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
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(d) |
Exhibits. |
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Exhibit No. |
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Description |
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99.1 |
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1
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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SITIME CORPORATION |
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Date: August 31, 2020 |
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By: |
/s/ Arthur D. Chadwick |
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Arthur D. Chadwick |
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Executive Vice President and Chief Financial Officer |
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Exhibit 99.1
SiTime Raises Revenue Guidance for the Third Quarter of 2020
SANTA CLARA, Calif., Aug. 31, 2020 – SiTime Corporation, (Nasdaq: SITM), a market leader in MEMS timing, today raised revenue guidance for the third quarter of 2020, ending September 30, 2020.
During SiTime’s financial results conference call on Aug. 5, 2020, the Company provided third quarter 2020 revenue guidance of between $28 million and $29 million. As of August 31, 2020, the Company now believes that revenue in the third quarter of 2020 will be at least 10% higher than its previous guidance, or between $31 million and $32 million, which includes initial revenue from a new design win at a large existing customer.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements concerning our revised revenue guidance for the third quarter of 2020. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied. These forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties, and are based solely upon information available to management as of the date of this press release.
In addition to the risks and uncertainties described above, investors should review the risks and uncertainties contained in our filings with the Securities and Exchange Commission(SEC), including our most recent Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 2, 2020; our most recent Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 filed with the SEC on August 6, 2020; and risks set forth in any other filings we have made with the Securities and Exchange Commission.
All forward-looking statements are based on the estimates, projections and assumptions of management as of August 31, 2020, and SiTime is under no obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
SiTime Corporation is a market leader in silicon MEMS timing. Our programmable solutions offer a rich feature set that enables customers to differentiate their products with higher performance, smaller size, lower power, and better reliability. With over 1.5 billion devices shipped, SiTime is changing the timing industry. For more information, visit https://www.sitime.com/.
Investor Relations Contacts:
Shelton Group
Leanne Sievers | Brett Perry
949-224-3874 | 214-272-0070
sheltonir@sheltongroup.com
SiTime Corporation
Art Chadwick
Chief Financial Officer
investor.relations@sitime.com