March 21, 2024 /SemiMedia/ -- According to reports, Odyssey Semiconductor Technologies Inc., a company focused on developing high-voltage power switching components and systems based on gallium nitride (GaN) processing technology, has agreed to sell its assets for $9.52 million and then dissolve.

Odyssey has a 10,000-square-foot semiconductor wafer fabrication facility equipped with a proportion of Class 1,000 and Class 10,000 clean space and advanced semiconductor development and production tools. The company has been working on launching vertical gallium nitride field-effect transistors operating at 650V and 1200V.

"We are pleased to have found a strong buyer. We are also grateful to have been granted a 20-day buyer selection opportunity to allow as many interested parties as possible to accurately assess the potential value of our technology and assets," Odyssey CEO Rick Brown said.

The transaction is expected to be completed around July 1, 2024, but no later than July 10, 2024, and the company will be dissolved before the end of 2024 at the earliest.

The report revealed that the buyer is a large semiconductor company, but its name will be kept confidential during the 20-day period of seeking other buyers.