Odyssey Semiconductor Technologies, Inc. (OTCMKTS:ODII) is based in Ithaca, New York, and owns and operates a 10,000 sq. ft. semiconductor wafer manufacturing facility complete with a mix of class 1,000 and class 10,000 clean space as well as tools for advanced semiconductor development and production. It has developed proprietary technology that is designed to allow for GaN to replace SiC as the leading high-voltage power switching semiconductor material.
Trading Data
On Monday, ODII stock ended flat at $1.48 with more than 66 shares, compared to its average volume of 816 shares. The stock moved within a range of $1.4800 – 1.4800 after opening trading at $1.45.
Odyssey Semiconductor Receives Bridge Loan from the Company’s Chairman of the Board
Odyssey Semiconductor Technologies, Inc. announced on August 9, 2022, about receiving a $1.25 million convertible bridge loan from John Edmunds, the company’s Chairman of the Board. It is anticipated that this loan will provide sufficient cash growth and working capital through the end of 2022.
The note bears 10% interest per annum and is payable in kind at conversion or at maturity in one year. This loan is part of a $3.75 million offering of convertible promissory notes approved by the Board of Directors of the company. It has recently filed a registration statement on Form S-1, paving the way for a potential future equity financing.
Mark Davidson, Odyssey’s Chief Executive Officer, has appreciated John Edmunds’ confidence in their strategy. This capital will let them build Gen1 engineering product samples in Q4 2022. Their 1000+ volt GaN power device milestone completed in Q2 2022 further validates the approach to deliver industry-leading efficiency with remarkably high switching frequencies at lower price points than more expensive alternatives, including silicon carbide.
John Edmunds, Chairman of the Board, has reaffirmed his belief in the team since they have been working hard and achieving progress toward delivering revolutionary vertical GaN power transistors which could enable the company to capture significant opportunities that leads to sustainable long-term growth.
The note, as mentioned above, might be convertible anytime at the holder’s discretion into shares of common stock of the company at a price equal to the average of the last 20 trading days’ closing price, or automatically converted upon the closing of a public offering of the company’s common stock with aggregate proceeds of at least $5 million at a 15% discount to the per share public offering price.
Odyssey Semiconductor Technologies To Announce Second Quarter 2022 Results on August 9, 2022
A conference call and webcast is scheduled to be held on August 9, 2022, where CEO Mark Davidson and the Chairman of the Board John Edmunds will discuss financial results of Q2, 2022 and provide business updates too. Following the prepared remarks, Mark and John will be joined by CTO, Board member, and co-founder Rick Brown for a question-and-answer session. Analysts and investors might pose questions to Odyssey during the live webcast.
Technical Data
ODII stock is trading below the 20-Day and 50-Day Moving averages of $1.46 and $1.60 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.92. The company has a total market capitalization of $18.83 million. The stock is down 25% over the past 6-month.
