OCZ (OCZ +4.7%) hits $2 after announcing: 1) Its audit committee's investigation of OCZ's financial reporting is finished, and the company is working to restate FY12 and FQ1 results. 2) It has reduced the maximum loan balance available through its Wells Fargo credit facility to $20M from $35M. The facility's balance fell by $8M in December to $7M. 3) It has hired Wayne Eisenberg, formerly a sales VP at Smart Modular (SMOD), to be OCZ's new sales chief. His predecessor left the company in October.
Smart Modular Technologies (SMOD +12.8%) agrees to be acquired by Silver Lake Partners for $645M in cash, or $9.25/share, representing a 13% premium over the stock's closing price on Monday. A go-shop period lasts until June 9. (PR)
Storage products maker SMART Modular Technologies (SMOD) is -14.4% after reporting Q1 sales of $216.4M, down from $218.7M in Q4, and earnings/share of $0.12, down from Q4's $0.26 earnings/share. The company expects pressure on Q2's results through DRAM price declines, and a net income per share range of from $0.06 to $0.08.
Smart Modular Tech (SMOD) is +17% premarket following better than expected FQ2 results yesterday afternoon. On the earnings call, SMOD said it enjoyed improved DRAM demand from multinationals, which led to higher pricing, while PC demand - particularly in Brazil - was robust.