Silvaco provides update on Ole Christian Andersen litigation

Silvaco Group announced an update to the pending litigation regarding Silvaco, Inc. v. Ole Christian Andersen et al relating to the acquisition of Nangate Denmark in 2018 which pre-dates the current management team. The case was tried in the Superior Court of the State of California, and a jury verdict was delivered on July 23, 2024. After deliberations, the jury awarded Nangate $11.3 million in damages under the breach of contract claims. This amount does not include potential statutory prejudgment interest in an estimated amount of up to $4.2 million. Further, punitive damages relating to the claims of fraud will be considered at a hearing expected to be held on August 16, 2024. Punitive damages, if any, would be payable by the Company only to the extent they are above the amount awarded in connection with the breach of contract claims. While the Company respects the jury’s decision and intends to abide by any final rulings or judgments, it is also exploring all options, including the possibility of post-trial motions and appeals. As of June 30th, 2024, Silvaco had an unaudited cash, cash equivalents and marketable securities position of $102.3 million.