Parthus Technologies said it expects to complete the merger with DSP Group Ceva, as announced on April 5th, to create ParthusCeva by the end of October.
Parthus also announced today it plans to streamline two product lines to focus on growth opportunities.
Parthus anticipates it will discontinue investments in Radio Frequency (RF) and hardware-based security acceleration so as to concentrate on three product and technology areas: DSP and Application Processing IP, Mixed-Signal and Wireline Communications IP, and Wireless Communications IP.
The expected cut in workforce and shifting of resources is expected to bring a one-off restructuring charge during the third quarter of some $3 million, the group said.
Parthus said the High Court has now directed the shareholder and optionholder meetings to approve the Scheme of Arrangement, which is required to give effect to the Ceva merger, be held on September 26th.
An Extraordinary General Meeting of Parthus will also be held on Sept 26th in connection with the merger.
Parthus, DSP and Ceva also announced the terms of the merger have been amended to eliminate the payment of an aggregate of $100,000 to Parthus shareholders. The other material terms of the merger remain unchanged, including the proposed repayment of $60 million to Parthus shareholders.