QuickLogic amended its loan and security agreement with Heritage Bank of Commerce, increasing its revolving line of credit from $9 million to $15 million.
“This increased facility provides us with more liquidity and flexibility in working capital. It also gives QuickLogic greater ability to execute on its expanding strategic initiatives, including the company’s newly announced QuickAI platform and evolving intellectual property roadmaps,” said Sue Cheung, QuickLogic CFO.
The increased credit facility will be used for general corporate purposes, including working capital. The agreement runs through September 28, 2020.
QuickLogic develops ultra-low power multi-core voice enabled SoCs, embedded FPGA IP, display bridge, programmable logic solutions and Endpoint AI solutions in order to enables OEMs to maximize battery life for highly differentiated, immersive user experiences with smartphone, wearable, hearable and IoT devices.
