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VMEM > SEC Filings for VMEM > Form 8-K on 25-Jul-2014All Recent SEC Filings

Show all filings for VIOLIN MEMORY INC



Completion of Acquisition or Disposition of Assets

Item 2.01 Completion of Disposition of Assets.

On July 25, 2014, the sale by Violin Memory, Inc. ("Violin") to SK hynix Inc. ("SK hynix") of certain specified assets, formerly used primarily in Violin's PCIe product line, was completed.

The assets consist of intellectual property and certain fixed assets.

The consideration for the assets consisted of $23.0 million in cash paid by SK hynix to Violin and the assumption by SK hynix of certain former Violin employee related liabilities in the approximate amount of $0.5 million. In connection with the transaction, Violin and SK hynix also entered into a patent cross-license agreement pursuant to which: Violin agreed to license certain specified intellectual property to SK Hynix; SK hynix agreed to license certain specified intellectual property to Violin; and Violin agreed to a covenant not to sue in certain specified circumstances.

The transaction was disclosed on Form 8-K filed with the Securities and Exchange Commission on May 29, 2014.

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