Benzinga | Oct 22, 2020 09:04AM EDT

Pixelworks Says On Oct. 29 Entered Securities Purchase Agreement With MTM-Xinhe Investment Limited, Under Which Co. Would Issue And Sell Of 3.2M Shares In A Private Placement

SAN JOSE, Calif., Oct. 22, 2020 /PRNewswire/ -- Pixelworks, Inc. (NASDAQ:PXLW) (the "Company"), a leading provider of innovative video and display processing solutions, today announced that on October 19, 2020 it entered into a Securities Purchase Agreement with MTM-Xinhe Investment Limited, a consortium of strategic investors from the Chinese semiconductor and mobile eco-system, pursuant to which Pixelworks would issue and sell in a private placement 3,200,000 shares of its common stock, representing approximately 7% of Pixelworks' outstanding shares, in exchange for approximately $6.6 million dollars. The transaction is expected to close in November of 2020.