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MoSys Says Complying with Santa Clara County Shelter-In-Place Order That Is Effective Apr. 7, Says This Will Impact Ability To Procude And Ship IC Products And Impact Ability To Meet Guidance; Says Withdrawing Guidance

SAN JOSE, CA / ACCESSWIRE / March 18, 2020 / MoSys, Inc., (NASDAQ:MOSY), a provider of high-speed semiconductor solutions, provided a business update today. On March 16, 2020, Santa Clara County in California,

Benzinga · 03/18/2020 20:15

SAN JOSE, CA / ACCESSWIRE / March 18, 2020 / MoSys, Inc., (NASDAQ:MOSY), a provider of high-speed semiconductor solutions, provided a business update today.

On March 16, 2020, Santa Clara County in California, where the Company is based, issued a "shelter-in-place" order (the "Order") that is effective through April 7, 2020. The Company is complying with the Order and has temporarily ceased its business activities at its San Jose headquarters facility effective March 17, 2020. This will impact the Company's ability to produce and ship its IC products, as its employees are working from home in compliance with the Order. MoSys is monitoring impacts to its supply chain which may result from the Order, as well as other global developments. These developments are expected to impact the Company's ability to meet its previously issued revenue outlook for its first quarter 2020. The Company communicated its first quarter 2020 revenue outlook on February 20, 2020 based upon information available as of that time, and, as a result of the disruption and uncertainty following the Order, the Company is withdrawing its first quarter 2020 revenue outlook.

The health and safety of the Company's employees and their families, as well as business partners and the San Francisco Bay Area community as a whole, is a priority for MoSys. The Company expects to provide additional information in the context of this situation as part of its next earnings press release or sooner, as warranted.