MOSYS, INC. (NASDAQ:MOSY) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02. Termination of a Material Definitive Agreement.
As previously reported in the Current Report on Form 8-K dated May 7, 2020 by MoSys, Inc. (the “Company”), the Company received a $579,330 unsecured loan (the “PPP Loan”) under the Paycheck Protection Program, which was established under the U.S. government’s Coronavirus Aid, Relief, and Economic Security Act and is administered by the U.S. Small Business Administration (“SBA”). The PPP Loan to the Company was made through Wells Fargo Bank, N.A. (the “Lender”), and the Company entered into a Paycheck Protection Program Promissory Note and Agreement with the Lender evidencing the PPP Loan.
On June 3, 2021, the Company received a notification from the Lender that the SBA approved MoSys’ PPP Loan forgiveness application for the entire PPP Loan balance of $579,330 and that the remaining PPP Loan balance is zero.
About MOSYS, INC. (NASDAQ:MOSY)
MoSys, Inc. (MoSys), together with its subsidiaries, is a fabless semiconductor company focused on the development and sale of integrated circuits (ICs) for the high-speed networking, communications, storage and computing markets. The Company has developed approximately two IC product lines under the Bandwidth Engine and LineSpeed product names. Bandwidth Engine ICs integrate its 1T-SRAM high-density embedded memory with its integrated macro function technology and a serial interface protocol resulting in a monolithic memory IC solution optimized for transaction performance. The LineSpeed IC product line consists of non-memory, high-speed serialization-deserialization (SerDes), input/output (I/O) physical layer (PHY) devices with clock data recovery, gearbox and retimer functionality, which convert lanes of data received on line cards or by optical modules into various configurations and/or ensure signal integrity.