AUSTIN, Texas – Dec. 23, 2002 – Cirrus Logic, Inc. (Nasdaq: CRUS), announced today the successful completion of its employee stock option exchange program. The stock option exchange program expired at midnight, Pacific Time, on Friday, Dec. 20, 2002.
Cirrus Logic has accepted for cancellation and exchange options to purchase 3,140,229 shares of common stock of Cirrus Logic. Approximately 41 percent of eligible options were tendered in the exchange program. Cirrus Logic will issue new options to purchase an aggregate of approximately 2,355,172 shares of common stock of Cirrus Logic in exchange for the options that were accepted for cancellation and exchange in the exchange program. Pursuant to the terms of the exchange program, the new options will be issued on or promptly after June 23, 2003.
Cirrus Logic, Inc.
Cirrus Logic, Inc. is a premier supplier of high-performance analog
and DSP chip solutions for consumer entertainment electronics that
allow people to see, hear, connect and enjoy digital entertainment.
Building on its global market share leadership in audio integrated
circuits and its rich mixed-signal patent portfolio, the company
targets mainstream audio, video and Internet entertainment
applications in the consumer entertainment market. Cirrus operates
from headquarters in Austin, Texas, and major sites located in
California and Colorado, as well as offices in Europe, Japan and
Asia.
Cirrus Logic is a trademark of Cirrus Logic, Inc.
