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Kulicke & Soffa Industries Inc. (NASDAQ:KLIC), a semiconductor equipment manufacturer, has terminated its existing credit facility and amended its by-laws to declassify its Board of Directors, according to a recent 8-K filing with the Securities and Exchange Commission.
On Monday, the company announced the termination of its Facility Agreements with MUFG Bank, Ltd., Singapore Branch, originally established on February 15, 2019. These agreements provided an overdraft facility of up to $150 million for general corporate purposes. At the time of termination, Kulicke & Soffa reported no outstanding amounts under this overdraft facility and stated that no early termination penalties were incurred.
In a separate but related event, the company’s Board of Directors approved an amendment to the corporate by-laws on June 5, 2025. The amendment initiates a transition to annual elections for all directors, moving away from a staggered, multi-year term system. This change will be phased in over four years, starting with the 2026 annual meeting of shareholders. By the 2029 annual meeting, all directors will be elected to one-year terms.
Directors currently serving multi-year terms will continue until their terms expire. The amended by-laws took effect immediately upon approval by the Board.
This filing comes as part of Kulicke & Soffa’s regular disclosures to the SEC and provides shareholders with up-to-date information on corporate governance and financial arrangements. The information in this article is based on the statements made in the company’s 8-K filing.
In other recent news, Kulicke & Soffa Industries reported disappointing financial results for Q2 2025, with earnings per share (EPS) of -$0.25, significantly below the analyst forecast of $0.30. Revenue also fell short, coming in at $162 million compared to the anticipated $165.25 million. The company’s financial performance was impacted by the restructuring of its Electronics Assembly business, which affected gross margins. Despite these challenges, Kulicke & Soffa has maintained its quarterly dividend at $0.205 per share, reflecting its ongoing commitment to returning value to shareholders. The company announced that the dividend will be paid on July 8, 2025, to shareholders of record as of June 19, 2025. Looking ahead, Kulicke & Soffa has provided revenue guidance for Q3 2025 at $145 million, plus or minus $10 million, and aims to improve gross margins to 46.5%. Analysts have noted the company’s strategic shift towards new product lines, such as thermal compression technology, as a potential driver for future growth. Despite the current financial setbacks, Kulicke & Soffa’s leadership expressed confidence in their strategic direction and technology positioning.
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