SAN JOSE, CA / ACCESSWIRE / March 18, 2020 / MoSys, Inc., (NASDAQ:MOSY), a provider of high-speed semiconductor solutions, provided a business update today.
On March 16, 2020, Santa Clara County in California, where the Company is based, issued a “shelter-in-place” order (the “Order”) that is effective through April 7, 2020. The Company is complying with the Order and has temporarily ceased its business activities at its San Jose headquarters facility effective March 17, 2020. This will impact the Company’s ability to produce and ship its IC products, as its employees are working from home in compliance with the Order. MoSys is monitoring impacts to its supply chain which may result from the Order, as well as other global developments. These developments are expected to impact the Company’s ability to meet its previously issued revenue outlook for its first quarter 2020. The Company communicated its first quarter 2020 revenue outlook on February 20, 2020 based upon information available as of that time, and, as a result of the disruption and uncertainty following the Order, the Company is withdrawing its first quarter 2020 revenue outlook.
The health and safety of the Company’s employees and their families, as well as business partners and the San Francisco Bay Area community as a whole, is a priority for MoSys. The Company expects to provide additional information in the context of this situation as part of its next earnings press release or sooner, as warranted.
This press release may contain forward-looking statements about the Company, including, without limitation, its business outlook for the first quarter of 2020, the Company’s future business prospects and the impact of the Order on the Company’s operations. Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited to, public health requirements in response to the outbreak of COVID-19 and the impact on our business and operations, which is evolving and beyond our control, and the timing of customer orders and product shipments, as well as other risks identified in the Company’s most recent report on Form 10-K filed with the Securities and Exchange Commission, as well as other reports that MoSys files from time to time with the Securities and Exchange Commission. MoSys undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.
About MoSys, Inc.
MoSys, Inc. (NASDAQ: MOSY) is a provider of hardware and software/firmware solutions that enable fast, intelligent data access and data decisions for cloud networking, security, test and measurement, video and other systems. MoSys’s Blazar Accelerator Engines are memory integrated circuits with unmatched intelligence, performance and capacity that eliminate data access bottlenecks to deliver speed and intelligence in systems, including those scaling from 100G to multi-terabits per second. MoSys’s Software Accelerator Platforms include software and firmware that focus on accelerating application-specific decision functions and are portable across a wide range of hardware configurations with or without MoSys hardware. MoSys’ hardware and software solutions provide system architects and designers with unique system acceleration options. More information is available at www.mosys.com.
MoSys is a registered trademark of MoSys, Inc. in the US and/or other countries. The MoSys logo and GigaChip are trademarks of MoSys, Inc. All other marks mentioned herein are the property of their respective owners.
Jim Sullivan, CFO
+1 (408) 418-7500
SOURCE: MoSys, Inc.
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