ALGM Allegro MicroSystems Inc

 

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): October 15, 2023

 

 

Allegro MicroSystems, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-39675	46-2405937
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
955 Perimeter Road
Manchester, New Hampshire				03103
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (603) 626-2300

 

(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:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	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:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		ALGM		The Nasdaq Global Select Market

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. ☐

 

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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 15, 2023, Reza Kazerounian notified the Board of Directors (the “Board”) of Allegro MicroSystems, Inc. (the “Company”) of his decision to retire from the Board and as Chairperson and member of the Board’s Research & Development and Strategy Committee, effective October 15, 2023. Dr. Kazerounian’s retirement is not the result of any disagreement between Dr. Kazerounian and the Company or its management on any matter relating to the Company’s operations, policies or practices.

 

On October 18, 2023, at the recommendation of the Nominating and Corporate Governance Committee and in accordance with the Amended and Restated Stockholders Agreement, dated as of June 16, 2022, by and among the Company, OEP SKNA, L.P. (“OEP”) and Sanken Electric Co., Ltd. (“Sanken”) (the “Amended and Restated Stockholders Agreement”), the Board took the following actions, each of which was effective October 18, 2023: (i) elected Mary G. Puma to the Board as Dr. Kazerounian’s successor as a Class I Director, to serve until the Company’s 2024 annual meeting of shareholders and until her successor is duly elected and qualified and (ii) appointed Ms. Puma to serve on the Board’s Research & Development and Strategy Committee and the Compensation Committee.

 

The Board has determined that Ms. Puma qualifies as an independent director pursuant to the rules of The Nasdaq Stock Market. The Board has also determined that Ms. Puma meets the enhanced independence requirements for compensation committee members under the rules of The Nasdaq Stock Market.

 

Ms. Puma was elected to the Board as a joint designee of OEP and Sanken pursuant to and as set forth in Section 2(e) of the Amended and Restated Stockholders Agreement.

 

In connection with her appointment, the Company entered into an indemnification agreement with Ms. Puma providing for the indemnification of and advancement of expenses permitted by Delaware law for claims, suits or proceedings arising out of a director’s service to the Company.

 

Ms. Puma will receive the same fees for her service as the Company’s other independent directors and members of the Research & Development and Strategy Committee and Compensation Committee of the Board, which fees were disclosed in the Company’s definitive proxy statement filed with the SEC on June 21, 2023. Annual cash compensation and restricted stock awards will be pro-rated from the date of Ms. Puma’s election to the Board.

Item 7.01 Regulation FD Disclosure.

A copy of the Company’s press release announcing the election of Ms. Puma to the Board and the retirement of Dr. Kazerounian is attached hereto as Exhibit 99.1.

 

The information set forth in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Item 7.01, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
Exhibit 99.1		Press Release issued by Allegro MicroSystems, Inc. on October 19, 2023
Exhibit 104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

SIGNATURES

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 hereunto duly authorized.

		ALLEGRO MICROSYSTEMS, INC.
Date: October 19, 2023		By:	/s/ Sharon S. Briansky
			Sharon S. Briansky
			Senior Vice President, General Counsel and Secretary

 

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Exhibit 99.1

 

 

Allegro MicroSystems Appoints Mary Puma to its Board of Directors

Mary Puma joined the Allegro board effective October 18, 2023 to fill the vacancy created by the retirement of Dr. Reza Kazerounian

MANCHESTER, NH, October 19, 2023 – Allegro MicroSystems, Inc. (“Allegro”) (Nasdaq: ALGM) a global leader in power and sensing semiconductor solutions for motion control and energy-efficient systems, today announced the appointment of Mary G. Pumato Allegro’s Board of Directors (“Board”), filling the vacancy created by the retirement of Reza Kazerounian, who retired from the Board on October 15, 2023. Ms. Puma’s appointment was effective on October 18, 2023.

“Dr. Reza Kazerounian’s vast semiconductor expertise and experience leading other companies in the semiconductor field have been crucial in Allegro’s continued growth and IPO success and transformation towards a more market driven mindset with a focus on innovation and change,” said Yoshihiro “Zen” Suzuki, Chairman of the Board. “On behalf of the Allegro Board, I would like to thank Dr. Kazerounianfor his longstanding leadership and service, both of which have had a monumental impact on Allegro’s growth and success from before our IPO and through the last three years as a public company.”

Mary Puma joins Allegro’s Board with more than 40 years of technology experience, including 25 years in the semiconductor industry. Ms. Puma is the Executive Chairperson of Axcelis Technologies, Inc. (“Axcelis”), a publicly traded company engaged in the supply of capital equipment for the semiconductor chip manufacturing industry, and previously served as President and Chief Executive Officer of Axcelis from January 2002 to May 2023. Prior to becoming CEO of Axcelis, she served as the company’s President and Chief Operating Officer beginning in July 2000. In 1998, Ms. Puma was appointed General Manager and Vice President of Axcelis’s predecessor, the Implant Systems Division of Eaton Corporation, a global diversified industrial manufacturer, after having joined in 1996 as general manager of Eaton’s Commercial Controls Division. Prior to Eaton, Ms. Puma spent 15 years in various marketing and general management positions at General Electric Company.

“We are delighted to welcome Mary to Allegro’s Board,” said Mr. Suzuki. “Mary’s extensive technology and board experience, coupled with her proven success as a semiconductor industry leader, make her an extraordinary addition to the Board of Directors. We look forward to her contributions to Allegro’s growth as we continue to execute on our strategy focused on the mega trends of electrification and automation by continuing to develop innovative products within the Automotive and Industrial markets.”

Beginning in August 2023, Ms. Puma joined Ciena Corporation’s board of directors. Ms. Puma is also a director of SMART Global Holdings, Inc. and Nordson Corporation. Since December 2022, she has served as Chairperson of the Board of Semiconductor Equipment and Materials International (SEMI), a global industry association serving the manufacturing supply chain for the micro- and nano-electronics industries.

“It is an honor to join Allegro MicroSystems’ Board as the company continues to develop solutions that move the world toward a safer and more sustainable future,” said Mary Puma. “I look forward to working with the entire team and leveraging my semiconductor and deep technology experience to support Allegro’s anticipated growth.”

Ms. Puma holds a Bachelor of Arts degree in Economics from Tufts University and a Master of Science degree from the MIT Sloan School of Management.

About Allegro MicroSystems

Allegro MicroSystems is a leading global designer, developer, fabless manufacturer and marketer of sensor integrated circuits (“ICs”) and application-specific analog power ICs enabling emerging technologies in the automotive and industrial markets. Allegro’s diverse product portfolio provides efficient and reliable solutions for the electrification of vehicles, automotive ADAS safety features, automation for Industry 4.0 and power-saving technologies for data centers and green energy applications. For additional information, please visit https://www.allegromicro.com/en/.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release should be considered forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “will,” “should,” “expect,” “exploring,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “would,” “contemplate,” “believe,” “estimate,” “mission,” “predict,” “potential,” “seek,” or “continue,” or the negative thereof and similar words and expressions, although not all forward-looking statements contain these words. No forward-looking statement is a guarantee of future results, performance or achievements, and one should avoid placing undue reliance on such statements.

Forward-looking statements are based on management’s current expectations, beliefs and assumptions and on information currently available to us. Such beliefs and assumptions may or may not prove to be correct. Additionally, such forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended March 31, 2023. These risks and uncertainties include, but are not limited to: downturns or volatility in general economic conditions,; our ability to compete effectively, expand our market share and increase our net sales and profitability; our reliance on a limited number of third-party semiconductor wafer fabrication facilities and suppliers of other materials; our failure to adjust purchase commitments and inventory management based on changing market conditions or customer demand; shifts in our product mix or customer mix, which could negatively impact our gross margin; the cyclical nature of the analog semiconductor industry; any downturn or disruption in the automotive market; our ability to compensate for decreases in average selling prices of our products and increases in input costs; our ability to manage any sustained yield problems or other delays at our third-party wafer fabrication facilities or in the final assembly and test of our products; our ability to accurately predict our quarterly net sales and operating results; our ability to adjust our supply chain volume to account for changing market conditions and customer demand; our dependence on manufacturing operations in the Philippines; our reliance on distributors to generate sales; the effects of COVID-19 on our supply chain and customer demand; our ability to develop new product features or new products in a timely and cost-effective manner; our ability to manage growth; any slowdown in the growth of our end markets; the loss of one or more significant customers; our ability to meet customers’ quality requirements; uncertainties related to the design win process and our ability to recover design and development expenses and to generate timely or sufficient net sales or margins; changes in government trade policies, including the imposition of export restrictions and tariffs; our exposures to warranty claims, product liability claims and product recalls; our dependence on international customers and operations; the availability of rebates, tax credits and other financial incentives on end-user demands for certain products; risks, liabilities, costs and obligations related to governmental regulation and other legal obligations, including export control, privacy, data protection, information security, consumer protection, environmental and occupational health and safety, anti-corruption and anti-bribery, and trade controls; the volatility of currency exchange rates; our ability to raise capital to support our growth strategy; our indebtedness may limit our flexibility to operate our business; our ability to effectively manage our growth and retain key and highly skilled personnel; our ability to protect our proprietary technology and inventions through patents or trade secrets; our ability to commercialize our products without infringing third-party intellectual property rights; disruptions or breaches of our information technology systems or those of our third-party service providers; our principal stockholders have substantial control over us; the inapplicability of the “corporate opportunity” doctrine to any director or stockholder who is not employed by us; anti-takeover provisions in our organizational documents and under the General Corporation Law of the State of Delaware; our inability to design, implement or maintain effective internal control over financial reporting; changes in tax rates or the adoption of new tax legislation; the negative impacts of sustained inflation on our business; disruptions in the banking and financial sector that limit our or our partners’ ability to access capital and borrowings; the physical, transition and litigation risks presented by climate change; and other events beyond our control. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Our risk factors may be updated or supplemented from time to time in our other filings with the Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov and the Investors Relations page of our website at investors.allegromicro.com.

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You should read this press release with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. All forward-looking statements speak only as of the date of this press release and, except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

 

 

Media Contact

Tyler Weiland

Shelton Group

+1-972-571-7834

tweiland@sheltongroup.com

Allegro Contact

Jalene Hoover

VP of Investor Relations & Corporate Communications

jhoover@allegromicro.com

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Cover	Oct. 15, 2023
Cover [Abstract]
Document Type	8-K
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Document Period End Date	Oct. 15, 2023
Entity File Number	001-39675
Entity Registrant Name	Allegro MicroSystems, Inc.
Entity Central Index Key	0000866291
Entity Tax Identification Number	46-2405937
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	955 Perimeter Road
Entity Address, City or Town	Manchester
Entity Address, State or Province	NH
Entity Address, Postal Zip Code	03103
City Area Code	603
Local Phone Number	626-2300
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Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ALGM
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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