As filed with the Securities and Exchange Commission on February 25, 2022
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
SiTime Corporation
(Exact name of registrant as specified in its charter)
Delaware | 02-0713868 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
5451 Patrick Henry Drive Santa Clara, California |
95054 | |
(Address of principal executive offices) | (Zip Code) |
SiTime Corporation 2022 Inducement Award Plan
(Full title of the plan)
Rajesh Vashist
Chief Executive Officer
SiTime Corporation
5451 Patrick Henry Drive
Santa Clara, California 95054
(Name and address of agent for service)
(408) 328-4400
(Telephone number, including area code, of agent for service)
Copies to:
Vincent Pangrazio
EVP, Chief Legal Officer and Corporate Secretary
5451 Patrick Henry Drive
Santa Clara, California 95054
(408) 328-4400
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☑ | |||
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 7(a)(2)(B) of the Securities Act. ☐
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Information required by Part I to be contained in the Section 10(a) Prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act, and the Note to Part I of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. | Incorporation of Documents by Reference |
The following documents, which have previously been filed by SiTime Corporation (the Corporation) with the Securities and Exchange Commission (the SEC), are incorporated by reference herein and shall be deemed to be a part hereof:
| the Corporations Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022, which contains the Corporations audited financial statements for the Corporations latest fiscal year for which such statements have been filed; and |
| the description of the Corporations common stock set forth in the Corporations registration statement on Form 8-A filed with the SEC on November 14, 2019, including any amendment or report filed for the purpose of updating such description, including Exhibit 4.2 to the Corporations Form 10-K filed with the SEC on February 16, 2021. |
* | Any report (or portion thereof) furnished on Form 8-K shall not be incorporated herein by reference. |
The Corporation also incorporates by reference any future filings (other than current reports furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits filed on such form that are related to such items unless such Form 8-K expressly provides to the contrary) made with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act. Information in such future filings updates and supplements the information provided in this prospectus supplement and the accompanying prospectus. Any statements in any such future filings will automatically be deemed to modify and supersede any information in any document the Corporation previously filed with the SEC that is incorporated or deemed to be incorporated herein by reference to the extent that statements in the later filed document modify or replace such earlier statements.
You can request a copy of these filings, at no cost, by writing or telephoning the Corporation at the following address or telephone number:
SiTime Corporation
Attn: Corporate Secretary
5451 Patrick Henry Drive
Santa Clara, California 95054
(408) 328-4400
Item 4. | Description of Securities. |
Not Applicable.
Item 5. | Interests of Named Experts and Counsel. |
Not Applicable.
Item 6. | Indemnification of Directors and Officers. |
Section 145 of the Delaware General Corporation Law, or the DGCL, authorizes a corporation to indemnify its directors and officers against liabilities arising out of actions, suits and proceedings to which they are made or
threatened to be made a party by reason of the fact that they have served or are currently serving as a director or officer to a corporation. The indemnity may cover expenses (including attorneys fees) judgments, fines and amounts paid in settlement actually and reasonably incurred by the director or officer in connection with any such action, suit or proceeding. Section 145 permits corporations to pay expenses (including attorneys fees) incurred by directors and officers in advance of the final disposition of such action, suit or proceeding. In addition, Section 145 provides that a corporation has the power to purchase and maintain insurance on behalf of its directors and officers against any liability asserted against them and incurred by them in their capacity as a director or officer, or arising out of their status as such, whether or not the corporation would have the power to indemnify the director or officer against such liability under Section 145.
The Corporations amended and restated certificate of incorporation contains provisions that limit the liability of the Corporations directors for monetary damages to the fullest extent permitted by Delaware law. Consequently, the Corporations directors will not be personally liable to the Corporation or the Corporations stockholders for monetary damages for any breach of fiduciary duties as directors, except liability for:
| any breach of the directors duty of loyalty to the Corporation or the Corporations stockholders; |
| any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law; |
| unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the Delaware General Corporation Law; or |
| any transaction from which they derived an improper personal benefit. |
The Corporations amended and restated certificate of incorporation and amended and restated bylaws provide that the Corporation is required to indemnify the Corporations directors and executive officers, in each case to the fullest extent permitted by Delaware law. The Corporations amended and restated bylaws also provide that the Corporation is obligated to advance expenses incurred by a director or executive officer in advance of the final disposition of any action or proceeding, and permit the Corporation to secure insurance on behalf of any executive officer, director, employee or other agent for any liability arising out of his or her actions in that capacity regardless of whether the Corporation would otherwise be permitted to indemnify him or her under Delaware law. The Corporation has entered and expects to continue to enter into agreements to indemnify the Corporations directors, executive officers and other employees as determined by the Corporations board of directors. With specified exceptions, these agreements provide for indemnification for related expenses, including, among other things, attorneys fees, judgments, fines and settlement amounts incurred by any of these individuals in any action or proceeding. The Corporation believes that these bylaw provisions and indemnification agreements are necessary to attract and retain qualified persons as directors and officers. The Corporation also maintains directors and officers liability insurance. The Corporation currently carries liability insurance for its directors and officers.
Item 7. | Exemption From Registration Claimed. |
Not Applicable.
Item 8. | Exhibits. |
Item 9. | Undertakings. |
(a) | The undersigned registrant hereby undertakes: |
(1) | To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement: |
(i) | To include any prospectus required by Section 10(a)(3) of the Securities Act; |
(ii) | To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the Calculation of Registration Fee table in the effective Registration Statement; and |
(iii) | To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement; |
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Corporation pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.
(2) | That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(3) | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. |
(b) | The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Corporations annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plans annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
(c) | Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Corporation pursuant to the foregoing provisions, or otherwise, the Corporation has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Corporation of expenses incurred or paid by a director, officer or controlling person of the Corporation in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Corporation will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Santa Clara, State of California, on February 25, 2022.
SITIME CORPORATION | ||
By | /s/ Rajesh Vashist | |
Rajesh Vashist | ||
Chief Executive Officer |
POWER OF ATTORNEY
KNOW ALL BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Rajesh Vashist and Arthur D. Chadwick and each of them, his or her true and lawful attorneys-in-fact and agents, each with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments, including post-effective amendments, to this Registration Statement on Form S-8, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that each of said attorneys-in-fact and agents, or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signature |
Title |
Date | ||
/s/ Rajesh Vashist Rajesh Vashist |
Chief Executive Officer and Director (Principal Executive Officer) |
February 25, 2022 | ||
/s/ Arthur D. Chadwick Arthur D. Chadwick |
Executive Vice President, Chief Financial Officer (Principal Financial and Accounting Officer) |
February 25, 2022 | ||
/s/ Raman K. Chitkara Raman K. Chitkara |
Director | February 25, 2022 | ||
/s/ Edward H. Frank Edward H. Frank |
Director | February 25, 2022 | ||
/s/ Christine Heckart Christine Heckart |
Director | February 25, 2022 | ||
/s/ Torsten G. Kreindl Torsten G. Kreindl |
Director | February 25, 2022 | ||
/s/ Katherine E. Schuelke Katherine E. Schuelke |
Director | February 25, 2022 | ||
/s/ Akira Takata Akira Takata |
Director | February 25, 2022 | ||
/s/ Tom D. Yiu Tom D. Yiu |
Director | February 25, 2022 |
Exhibit 5.1
February 25, 2022
SiTime Corporation
5451 Patrick Henry Drive
Santa Clara, California 95054
Ladies and Gentlemen:
We have acted as counsel to SiTime Corporation, a Delaware corporation (the Company), and you have requested our opinion in connection with the filing by the Company of a Registration Statement on Form S-8 (the Registration Statement) with the U.S. Securities and Exchange Commission, covering the offering of up to 250,000 shares (the Shares) of the Companys common stock, par value $0.0001 per share (Common Stock) issuable pursuant to the Companys 2022 Inducement Award Plan (the Plan).
In connection with this opinion, we have examined and relied upon (a) the Registration Statement and the related prospectus, (b) the Companys Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, each as currently in effect, (c) the Plan and (d) originals or copies certified to or satisfaction of such other records, documents, certificates, memoranda and other instruments as in our judgment are necessary or appropriate to enable us to render the opinion expressed below. We have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as copies, the accuracy, completeness and authenticity of certificates of public officials; and the due authorization, execution and delivery of all documents by all persons other than the Company where authorization, execution and delivery are prerequisites to the effectiveness thereof. As to certain factual matters, we have relied upon a certificate of an officer of the Company and have not independently verified such matters.
Our opinion is expressed only with respect to the General Corporation Law of the State of Delaware. We express no opinion to the extent that any other laws are applicable to the subject matter hereof and express no opinion and provide no assurance as to compliance with any federal or state securities law, rule or regulation.
On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Shares, when sold and issued in accordance with the Plan, the Registration Statement and the related prospectus, will be validly issued, fully paid, and nonassessable (except as to Shares issued pursuant to certain deferred payment arrangements, which will be fully paid and nonassessable when such deferred payments are made in full).
We consent to the filing of this opinion as an exhibit to the Registration Statement.
Sincerely,
Cooley LLP
By: | /s/ Matthew B. Hemington | |
Matthew B. Hemington |
Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
SiTime Corporation
Santa Clara, California
We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of our reports dated February 25, 2022, relating to the consolidated financial statements and financial statement schedule, and the effectiveness of SiTime Corporations internal control over financial reporting, appearing in the Companys Annual Report on Form 10-K for the year ended December 31, 2021.
/s/ BDO USA, LLP
San Jose, California
February 25, 2022
Exhibit 107
Calculation of Filing Fee Table
Form S-8
(Form Type)
SiTime Corporation
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered
Security Type | Security Class Title | Fee Calculation Rule |
Amount Registered |
Proposed Offering |
Maximum Offering Price |
Fee Rate | Amount of Registration Fee |
|||||||||||||||||
Equity |
Common stock, $0.0001 par value per share, SiTime Corporation 2022 Inducement Award Plan |
Other(2) | 250,000 | $ | 181.24 | (2) | $ | 45,310,000.00 | $ | 0.0000927 | $ | 4,200.24 | ||||||||||||
Total Offering Amounts |
|
$ | 45,310,000.00 | | ||||||||||||||||||||
Total Fees Previously Paid |
|
| ||||||||||||||||||||||
Total Fee Offsets |
|
| ||||||||||||||||||||||
Net Fee Due |
|
$ | 4,200.24 |
(1) | Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the Securities Act), this Registration Statement also covers any additional securities that may be offered or become issuable under the SiTime Corporation 2022 Inducement Award Plan in connection with any stock split, stock dividend, recapitalization or any other similar transaction effected without receipt of consideration, which results in an increase in the number of the Registrants outstanding shares of Common Stock. |
(2) | Estimated in accordance with Rules 457(c) and 457(h) under the Securities Act, solely for the purposes of calculating the registration fee, based upon $181.24, which is the average of the high and low selling prices of the Registrants Common Stock as reported on The Nasdaq Global Market on February 23, 2022. |