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SkyWater Technology, Inc. (NASDAQ:SKYT), a semiconductor company with a market capitalization of $334.53 million, announced the appointment of three new independent directors to its Board, effective March 31, 2025. Timothy E. Baxter (NYSE:BAX), Andrew D. C. LaFrence, and Tammy J. Miller have joined the board, with terms expiring at the company’s 2025 Annual Meeting of Stockholders. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics.
The company confirmed the independence of the new directors under Nasdaq rules and their addition to the Audit Committee, with Miller also joining the Compensation Committee. The compensation for Baxter, LaFrence, and Miller will align with the existing Non-Employee Director Compensation Policy, prorated for their service duration. These appointments come at a crucial time, as InvestingPro data shows the company currently operates with a 20.34% gross profit margin and is expected to achieve profitability this year.
SkyWater Technology highlighted that there are no undisclosed arrangements or interests involving the new directors that would require disclosure under SEC regulations. Additionally, each director will sign a standard indemnification agreement previously approved by the Board.
The appointments come as part of SkyWater’s governance and oversight enhancement, as the company continues to navigate the competitive semiconductor industry. The new directors’ experience is expected to contribute to SkyWater’s strategic planning and execution. For deeper insights into SKYT’s financial health and growth potential, investors can access comprehensive analysis and 10+ additional ProTips through InvestingPro’s detailed research reports.
The information about these appointments is based on a press release statement filed with the U.S. Securities and Exchange Commission.
In other recent news, SkyWater Technology reported its fourth-quarter 2024 earnings, surpassing analyst expectations with an earnings per share (EPS) of $0.04, against a projected loss of $0.06. The company also reported revenue of $75.5 million, exceeding the anticipated $74.18 million. In another development, SkyWater Technology announced its plan to acquire Infineon (OTC:IFNNY)’s Fab 25, which is expected to contribute approximately $300 million in annual wafer services revenue. This acquisition is projected to enhance the company’s production capacity and support its strategic growth initiatives. Additionally, SkyWater Technology has reshaped its board of directors with the appointment of Timothy E. Baxter, Tammy J. Miller, and Andrew D.C. LaFrence. These changes are part of the company’s efforts to prepare for its next growth phase. Furthermore, SkyWater Technology’s strategic focus on advanced technologies and its planned acquisition are anticipated to bolster its market presence. Analyst firms have not provided any upgrades or downgrades in the recent period.
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