Allegro MicroSystems Completes Acquisition of Heyday Integrated Circuits

Simplify and accelerate high-power GaN and SiC system implementation with revolutionary gate driver technology

Manchester, NH, September 1, 2022 – Allegro MicroSystems, Inc. (Allegro) (Nasdaq: ALGM), a global leader in sensing and power semiconductor solutions for motion control and energy-efficient systems, today announced the completion of its previously-announced acquisition of Heyday Integrated Circuits (Heyday). Heyday is a privately held company specializing in compact, fully integrated isolated gate drivers that enable energy conversion in high-voltage gallium nitride (GaN) and silicon carbide (SiC) wide-bandgap (WBG) semiconductor designs.

This acquisition brings together Heyday’s isolated gate drivers and Allegro’s market leading isolated current sensors to enable some of the smallest high-voltage and high-efficiency power systems available on the market today. Additionally, this acquisition is expected to increase Allegro’s addressable market for electric vehicles (xEV), solar inverters, datacenter and 5G power supplies, and broad-market industrial applications.

“The demand for simplified power management is increasing across the board, and high-voltage isolated gate drivers are fundamental for enabling technology for the future of high-efficiency power system designs” said Joe Duigan, Senior Director, Engineering and Business Development. “Together with Allegro’s market leading current sensors and Heyday’s isolated gate drivers we will be able to power the increasingly popular GaN and SiC MOSFET driven systems.”

"We’re thrilled to welcome Heyday to the Allegro family," said Vijay Mangtani, Vice President of Power ICs at Allegro. "This acquisition will greatly accelerate our efforts to deliver a market leading energy efficient technology platform for high-voltage designs in advanced mobility, clean energy, and motion control solutions."

For more information about these products, including datasheets, sample availability, and pricing, contact an Allegro sales office.

About Heyday Integrated Circuits

Headquartered in Grasse, France, Heyday Integrated Circuits was founded in 2014 as a fabless semiconductor company focused on designing and selling isolated gate drivers for the power electronics market. With innovation and creativity core to its R&D culture, the Heyday team has developed new patented technologies resulting in breakthrough isolated gate drive performance. For more information about Heyday’s products and technology, visit heyday-ic.com.

About Allegro MicroSystems

Allegro MicroSystems (Nasdaq: ALGM) is redefining the future of sensing and power technologies. From clean energy to advanced mobility and motion control systems, our team is passionate about developing intelligent solutions that move the world forward and give our customers a competitive edge. With global engineering, manufacturing and support, Allegro is a trusted partner to both large enterprises and regional market leaders worldwide. Visit www.allegromicro.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the expected benefits from the Heyday acquisition. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate,” “target,” “mission,” “may,” “will,” “would,” “project,” “predict,” “contemplate,” “potential,” or the negative thereof and similar words and expressions.

Forward-looking statements are based on management’s current expectations, beliefs, and assumptions and on information currently available to us. Such statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various important factors, including, but not limited to: risks related to our ability to achieve the expected benefits of the Heyday acquisition, including our ability to integrate the Heyday business and realize estimated cost savings, synergies and growth or that such benefits may take longer to realize than expected; risks relating to unanticipated costs related to the Heyday acquisition and integration; downturns or volatility in general economic conditions, including as a result of the COVID-19 pandemic, particularly in the automotive market; COVID-19 induced lock-downs and suppression on our supply chain and customer demand; our ability to compete effectively, expand our market share and increase our net sales and profitability; our ability to compensate for decreases in average selling prices of our products; the cyclical nature of the analog semiconductor industry; shifts in our product mix or customer mix, which could negatively impact our gross margin; our ability to manage any sustained yield problems or other delays at our third-party wafer fabrication facilities or in the final assembly and test of our products; any disruptions at our primary third-party wafer fabrication facilities; our ability to fully realize the benefits of past and potential future initiatives designed to improve our competitiveness, growth and profitability; our ability to accurately predict our quarterly net sales and operating results; our ability to adjust our supply chain volume to account for changing market conditions and customer demand; our reliance on a limited number of third-party wafer fabrication facilities and suppliers of other materials; our dependence on manufacturing operations in the Philippines; our reliance on distributors to generate sales; our indebtedness may limit our flexibility to operate our business; the loss of one or more significant end customers; our ability to develop new product features or new products in a timely and cost-effective manner; our ability to meet customers’ quality requirements; uncertainties related to the design win process and our ability to recover design and development expenses and to generate timely or sufficient net sales or margins; changes in government trade policies, including the imposition of tariffs and export restrictions; our exposures to warranty claims, product liability claims and product recalls; our ability to protect our proprietary technology and inventions through patents or trade secrets; our ability to commercialize our products without infringing third-party intellectual property rights; disruptions or breaches of our information technology systems; risks related to governmental regulation and other legal obligations, including privacy, data protection, information security, consumer protection, environmental and occupational health and safety, anti-corruption and anti-bribery, and trade controls; our dependence on international customers and operations; the availability of rebates, tax credits and other financial incentives on end-user demands for certain products; the volatility of currency exchange rates; risks related to acquisitions of and investments in new businesses, products or technologies, joint ventures and other strategic transactions; our ability to raise capital to support our growth strategy; our ability to effectively manage our growth and to retain key and highly skilled personnel; changes in tax rates or the adoption of new tax legislation; risks related to litigation, including securities class action litigation; and our ability to accurately estimate market opportunity and growth forecasts; and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on May 18, 2022, as any such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investors Relations page of our website at investors.allegromicro.com.

All forward-looking statements speak only as of the date of this press release and, except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.