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Short Take: Cirrus releases shares to IBM

Chip maker Cirrus Logic announced it has released approximately 2.4 million shares of common stock from escrow as payment to IBM in conjunction with the previously announced restructuring of its joint venture wafer fab manufacturing agreement. Cirrus Logic placed approximately 3.6 million shares in escrow in July 1999, and filed an S-3 with the SEC last month to provide IBM with registration rights to these shares. Due to the appreciation of Cirrus Logic's stock since the signing of the restructuring agreement last June, the financial obligation to IBM was satisfied with approximately 2.4 million shares, about 33 percent fewer shares than the total placed in escrow.

Chip maker Cirrus Logic announced it has released approximately 2.4 million shares of common stock from escrow as payment to IBM in conjunction with the previously announced restructuring of its joint venture wafer fab manufacturing agreement. Cirrus Logic placed approximately 3.6 million shares in escrow in July 1999, and filed an S-3 with the SEC last month to provide IBM with registration rights to these shares. Due to the appreciation of Cirrus Logic's stock since the signing of the restructuring agreement last June, the financial obligation to IBM was satisfied with approximately 2.4 million shares, about 33 percent fewer shares than the total placed in escrow.