Silicon Storage Technology (SST)(NASDAQ:SSTI) have entered a definitive merger agreement to be acquired by Technology Resource Holdings, Inc., as well as member of SST's management team. Technology Resource Holdings is a Prophet Equity LP-controlled entity. Prophet Equity will acquire all outstanding common stock for $2.10 per share, except the shares held by Bing Yeh, SST's Chairman and CEO, and Yaw Wen Hu, SST's EVP, COO and member of Board of Directors. The price per share represents about a 13% premium to the closing price per share of SST's stock on November 12, 2009.
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About Silicon Storage Technology, Inc.
Headquartered in Sunnyvale, California, SST designs, manufactures and markets a diversified range of memory and non-memory products for high volume applications in the digital consumer, networking, wireless communications and Internet computing markets. Leveraging its proprietary, patented SuperFlash technology, SST is a leading provider of nonvolatile memory solutions with product families that include various densities of high functionality flash memory components and flash mass storage products. The company also offers its SuperFlash technology for embedded applications through its broad network of world-class manufacturing partners and technology licensees, including TSMC, which offers it under its trademark Emb-FLASH. SST's non-memory products include NAND controller-based products, smart card ICs and modules, flash microcontrollers and radio frequency ICs and modules.
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