UNITED STATES
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CURRENT REPORT
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| Item 8.01. | Other Events. |
On August 14, 2024, Everspin Technologies, Inc. (the “Company”) received a strategic award to develop a long-term plan to provide manufacturing services for aerospace and defense segments (the “Award”). Under the Award, the Company will provide a plan to mitigate risks to its magnetoresistive random-access memory (MRAM) manufacturing supply chain. Pursuant to the Award, the Company may receive cash payments upon the achievement of certain technical tasks and deliverables. The Award allows for milestones totaling up to approximately $14.55 million for the Company over a span of 2.5 years.
On August 20, 2024, the Company issued a press release announcing the above, a copy of which is attached hereto as Exhibit 99.1.
| Item 9.01. | Financial Statements and Exhibits. |
| Exhibit No. | Description | |
| 99.1 | Press release, dated August 20, 2024. | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Everspin Technologies, Inc. | ||
| Dated: August 20, 2024 | By: |
/s/ Matt Tenorio |
| Matt Tenorio | ||
| Interim Chief Financial Officer | ||
Exhibit 99.1
Everspin Awarded $14.55M to Provide Continued, Stable On-Shore MRAM Manufacturing
Everspin PERSYST MRAM manufacturing facilities will continue to be used for US domestic production of MRAM wafers and devices for aerospace and defense industries
CHANDLER, Ariz.--(BUSINESS WIRE) –Aug 20, 2024-- Everspin Technologies, Inc. (NASDAQ: MRAM), the world’s leading developer and manufacturer of Magnetoresistive Random Access Memory (MRAM) persistent memory solutions, today announced a strategic award to develop a long-term plan to provide manufacturing services for aerospace and defense segments. Under the award, Everspin will provide a plan to mitigate risks to its MRAM manufacturing supply chain.
“Everspin is pleased to provide continuous on-shore MRAM capability to its aerospace and defense customers,’ said Sanjeev Aggarwal, President Technologies and CEO of Everspin Technologies. “Our MRAM manufacturing technology and integration is front-end CMOS agnostic allowing our customers and Everspin to source the optimal CMOS wafers from a FAB of choice.”
Everspin’s MRAM manufacturing line in Chandler, Arizona will continue to support both current and future Department of Defense (DoD) strategic and commercial space system requirements. The award is valued at $14.55 million over 2.5 years.
About Everspin Technologies
Everspin Technologies, Inc., is the world’s leading provider of Magnetoresistive RAM (MRAM). Everspin MRAM delivers the industry’s most robust, highest-performance, non-volatile memory for Industrial IoT, Data Centers, and other mission-critical applications where data persistence is paramount. Headquartered in Chandler, Arizona, Everspin provides commercially available MRAM solutions to a large and diverse customer base. For more information, visit www.everspin.com.
Agency Contact:
Kiterocket
Stephanie Quinn
T: 480-316-8370
E: squinn@kiterocket.com
Source: Everspin Technologies, Inc.