Shares of Novatel Wireless Inc (NASDAQ:MIFI) ended Friday session in green amid volatile trading. The shares closed up +0.39 points or 12.79% at $3.44 with 3,616,567 shares getting traded. Post opening the session at $3.65, the shares hit an intraday low of $3.27 and an intraday high of $3.74 and the price vacillated in this range throughout the day. The company has a market cap of $208.95 million and the numbers of outstanding shares have been calculated to be 53.85 million shares.
Novatel Wireless Inc (MIFI) on Sept. 22, 2016 announced that it has entered into an agreement with T.C.L. Industries Holdings, a Hong Kong company (“TCL”), whereby Novatel Wireless will sell to TCL its mobile broadband business (including its MiFi® branded hotspots and USB modem product lines) for a cash payment of US $50,000,000 payable at closing. The closing of the transaction is subject to the receipt of various regulatory authority approvals, as well as the approval of Novatel Wireless’s stockholders and convertible noteholders. The closing of the transaction is expected to occur in the first quarter of 2017.
“The sale of Novatel Wireless’s mobile broadband business to TCL is the most transformative event in Novatel Wireless’s history, and punctuates our period of metamorphosis,” said Sue Swenson, Chair of the Board and Chief Executive Officer of Novatel Wireless. Ms. Swenson added, “Upon the closing of the transaction with TCL, Novatel Wireless will no longer sell any products it sold at the beginning of 2015. We will have transitioned the company from a hardware-only business with approximately 80% of revenues tied to one customer into a predominantly SaaS, services and solutions business with thousands of customers generating recurring revenues. Going forward, we will deepen our focus on our recurring revenue IoT solutions such as our Ctrack telematics solutions, including fleet management and asset tracking & monitoring, and our Feeney Wireless (“FW”) business connectivity solutions, such as our recently launched Ignite offering.”
Shares of Skyworks Solutions Inc (NASDAQ:SWKS) ended Friday session in red amid volatile trading. The shares closed down -2.13 points or -2.77% at $74.77 with 3,570,296 shares getting traded. Post opening the session at $76.68, the shares hit an intraday low of $74.06 and an intraday high of $76.91 and the price vacillated in this range throughout the day. The company has a market cap of $13.63 billion and the numbers of outstanding shares have been calculated to be 187.50 million shares.
Skyworks Solutions Inc (SWKS) on August 30, 2016 announced that Kris Sennesael has joined Skyworks as senior vice president and chief financial officer. Sennesael, 47, most recently served as chief financial officer for Enphase Energy, a semiconductor-based energy solutions provider.
Prior to Enphase, Sennesael was chief financial officer at Standard Microsystems, a designer of mixed signal connectivity solutions and, previously, he held increasingly responsible financial positions at ON, AMI Semiconductor and Alcatel Microelectronics. Sennesael holds bachelor’s and master’s degrees in economics from the University of Ghent, Belgium, as well as an MBA from the Vlerick Management School.
“We are delighted to have Kris join Skyworks as we embark on our next key growth phase driven by ubiquitous mobile connectivity and the Internet of Things,” said Liam K. Griffin, president and chief executive officer of Skyworks. “His unique combination of financial expertise, operational acumen and industry knowledge will be valuable assets as we build upon our market leadership and take Skyworks to the next level of financial outperformance.”
“I am excited to be joining Skyworks’ management team and enhancing the Company’s industry-leading financial returns,” said Sennesael. “Specifically, I look forward to driving further gross margin expansion, operational excellence and ultimately shareholder value.”
Donald Palette, 59, who has been Skyworks’ chief financial officer since 2007, will serve in an advisory role for a transitional period. “We appreciate Don’s leadership and counsel over the last nine years, particularly as we reshaped our business, outpaced our competition, substantially improved our degree of profitability and strengthened our balance sheet. Skyworks has benefited from the strong financial foundation set by Don, and we wish him well in his retirement,” said Griffin.
“It has been a privilege to serve Skyworks, and I am proud of our many accomplishments,” said Palette. “I am confident that the finance organization is in great hands with Kris, and we anticipate a seamless transition both internally and externally.”