Press Releases

2019/10/25

LITE-ON Extraordinary General Meeting of Shareholders Approves the Spin off Solid State Storage Business Unit to “SOLID STATE STORAGE CORPORATION”

LITE-ON Technology (2301.TW) today held its 2019 Extraordinary General Meeting of Shareholders, during which the shareholders approved to spin-off the operation and assets of LITE-ON solid state storage business to 100% owned subsidiary “SOLID STATE STORAGE TECHNOLOGY CORPORATION”, in accordance with Article 35 of the Business Mergers and Acquisitions Act.

 

Net asset value of SSD business is NT$4,482,404,000. The calculation of net asset value is based on June 30, 2019, audited report. SOLID STATE STORAGE TECHNOLOGY CORPORATION will issue 448,240,400 new common shares at NT$10 per share to acquire the spin-off net asset. Lite-On Technology Corp. will receive 448,240,400 new common shares at NT$10 per share of SOLID STATE STORAGE TECHNOLOGY CORPORATION after the completion of spin-off. Independent expert’s report on the fairness of spin-off value prepared by BDO Taiwan and the spin-off reference date is tentatively set at December 12, 2019

 

Raymond Soong, LITE-ON Chairman, indicated that the spin-off will facilitate group strategic goal and enhance competitiveness of SSD business. LITE-ON will continue to focus on development of core businesses including transformation towards cloud computing, LED lightning, automotive electronics and industrial automation. With the ultimate goal of maximizing the value for shareholders, clients and employees, LITE-ON will stay focused on strengthening the core technologies and competitiveness, developing towards a more efficient and profitable operation.

 

The Storage business started as a business unit under LITE-ON in 1995. It started PC SSD business in 2008 and cloud data center SSD development in 2014 and has become a leading developer and manufacturer of highly customized ready-to-use SSD for both enterprise and client PC applications with highly recognized customer base throughout America, Europe and Asia.

 

Contact:

Julia Wang

Senior Director, Investor and Public Relations

Tel: +886-2-8798-2888 LITEONTech.IR@liteon.com

 

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