At the close, Cree issued 1,852,335 common shares and paid approximately $16.45 million in cash to exchange shares in LED Lighting Fixtures. Cree also assumes the preferred subscription shares of the issued LLF company. In addition, cash payments of $26.4 million may be paid in the next three years.
The acquisition expands Cree's market opportunities by directly entering lighting, which currently includes LED chips, components and lighting solutions. Further enabling Cree to promote newer solutions to convert existing lighting into energy efficient lighting and accelerate adoption of LED lighting.
Cree's Chairman and CEO Chuck Swoboda said the new LED solutions team is committed to providing industry-leading LED lighting products and working for 21st century energy-efficient lighting standards. We will lead the LED lighting revolution.
The company plans to announce its third fiscal quarter results ending March 30 on April 22 and provide additional information about the acquisition.
About Cree, Inc.
Cree is a world-renowned manufacturer and pioneer of semiconductors and devices. Its products have greatly promoted the quality and performance of solid-state lighting, energy and communication products. It is not only a pioneer in the market, but also plays a pivotal role.
Cree's strength in the market lies in its advanced and professional material technology, such as the application of silicon carbide and gallium nitride on chips and packaging instruments, which can handle larger volumes in smaller volumes than other technologies, materials and products. Motivate and solve the problem of overheating.
Cree extends their advanced technology to a wide range of applications, including brighter and more tunable options for general lighting, more vivid color effects for LED backlight displays, and the most powerful power switching devices and variable speed motors. Good benefits and make wireless data and voice communication infrastructure more efficient. Cree's customer base is extensive, from innovative lighting manufacturers to defense-related organizations.
Cree's product range includes blue and green LED chips, LEDs for lighting, LED backlighting solutions, switching power supply devices, and RF/radio devices.
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