Summit Wireless Technologies Inc
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*Nasdaq FSI: *Deficient: Issuer Failed to Meet NASDAQ Continued Listing Requirements

Information Technology : Semiconductors & Semiconductor Equipment |
Company profile

Summit Wireless Technologies Inc., formerly Summit Semiconductor, Inc. is an early-stage company that develops and sells wireless audio integrated circuits for home entertainment and professional audio markets. The Company develops and provides semiconductors and wireless audio modules to consumer electronics companies, which transmits and receives audio directly to speakers. Its technologies focus on providing wireless, interference free and uncompressed high-definition audio signals. Its subsidiaries include Summit Semiconductor, Inc., Summit Semiconductor K.K., and WiSA, LLC.

Postmarket

Last Trade
Delayed
$2.35
-0.06 (-2.49%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$2.41
Day's Change
-0.22 (-8.37%)
Bid close
--
Ask close
--
B/A Size
--
Day's High
2.54
Day's Low
2.29
Volume
(Average)
Volume:
464,301

10-day average volume:
425,464
464,301

HPE Financial Services Offers $2 Billion in Financing and New Programs to Help Customers and Partners Weather COVID-19

7:45 am ET April 8, 2020 (BusinessWire) Print

Hewlett Packard Enterprise announced today that HPE Financial Services (HPEFS) is designating more than $2 billion in financing specifically to help customers with their financial challenges stemming from the COVID-19 crisis, including cash-flow or liquidity issues. HPE Financial Services is also introducing initiatives including a Payment Relief Program to help customers acquire new technology and alleviate some of the financial strain as they navigate this uncertain climate.

The $2 billion in HPEFS financing will be applied to help customers ensure business continuity and adapt in the current environment by addressing new technology financing needs, and convert their IT infrastructure into new sources of capital. Additionally, through the new Payment Relief Program, customers can acquire the technology they need today and pay only 1% of the total contract value each month for the first eight months, deferring over 90% of the cost until 2021. This can be a safety buoy for many businesses to help navigate the financial impact of COVID-19 in the next few months. Beginning in 2021, each monthly payment would equal approximately 3.3% of total contract value.

"This is a challenging time to lead a business. Today more than ever, IT leaders and CFOs play a central role in ensuring financial health while continuing operations," said Irv Rothman, President and CEO of HPE Financial Services. "At HPE Financial Services, we are committed to helping businesses align their priorities from an IT economics perspective and provide them with concrete solutions so they can move forward."

Many businesses today have an immediate need to preserve cash flow, defer or reduce expenses, and relieve capacity strains and delivery delays. "During this crisis, businesses need help regardless of size of company or industry vertical. IDC recommends that organizations focus on two immediate needs: Conserving capital and utilizing flexible payment options like leasing or as-a-service to meet urgent capacity requirement with limited financial impact," said Susan Middleton, IDC Research Director, Flexible Consumption and Financing Strategies for IT Infrastructure. "By dedicating $2 billion in financing and leveraging its broad portfolio of flexible payment solutions, HPEFS will help business leaders navigate through the impact of COVID-19 on their markets."

HPEFS is rolling out several programs designed to address these priorities:

Generating cash from existing assets

HPEFS helps customers unlock value from their own technology through converting existing, owned IT assets into capital that can be applied to purchase new, upgraded technology. This incremental capital resource can help close the gap with IT expenditures or give customers the flexibility to support other parts of their business. HPEFS can also buy back excess newer generation technology that is no longer needed at the customer's end. Over the last two years, HPEFS has infused more than $642 million back into clients' budgets this way.

Deferring or reducing expenses

In addition to the HPEFS Payment Relief Program, the team is also enabling a 90-day delayed payment structure to help ease customers' tight budgets. This payment deferral option is available on new technology purchases, and is eligible for a range of HPE hardware and select software, software appliances, services, and installation packages.

Matching payments to production

HPEFS offers customers a phased deployment program that allows them to acquire compute and storage capacity now with the flexibility to configure, test, and stand up systems before paying. This way customers can continue essential business without the restraints that the current crisis can have on their budget cycles or implementation timelines. The deployment schedule can extend out 12 months.

Relieving capacity strain or delivery delays

HPEFS is offering certified pre-owned HPE technology to address a variety of situations. A full portfolio of data center equipment, such as components, parts, subassemblies, feature upgrades or whole systems, is available off the shelf or custom-configured to meet customer budget or circumstance. This technology meets HPE OEM standards and comes with a standard 30-day warranty, eligible for additional HPE maintenance and support.

Offering short term rentals

Many customers also experience challenging capacity strain or delivery delays. The most common example of that is companies who are not ready for a work-from-home set up and need technology to empower a remote workforce. HPEFS can help by renting pre-owned HPE technology from three to twelve months, and new PCs for twelve months. This technology is factory-configured to customer specifications, available with warranty and eligible for HPE Pointnext Services support.

"Almost every organization is looking for help right now. Now more than ever, capacity and remote worker access are of paramount importance," said Ashley Penner, CEO, Powerland. "By utilizing HPEFS' certified pre-owned tech, Powerland is able to quickly provide much-needed technology to our healthcare and education customers. The partnership with HPEFS is invaluable."

HPE is committed to helping communities, customers, and partners during this time of global uncertainty and is applying its time, talent, resources, and technology to address the new challenges and requirements that organizations face as a result of COVID-19. For example, HPE recently rolled out VDI (virtual desktop interface) solutions to help customers support and adapt to growing demands for a remote workforce. To learn more about HPE's initiatives please visit the HPE COVID-19 content hub, and see the latest blog from Antonio Neri, HPE President and CEO.

About Hewlett Packard Enterprise

Hewlett Packard Enterprise is the global edge-to-cloud platform-as-a-service company that helps organizations accelerate outcomes by unlocking value from all of their data, everywhere. Built on decades of reimagining the future and innovating to advance the way we live and work, HPE delivers unique, open and intelligent technology solutions, with a consistent experience across all clouds and edges, to help customers develop new business models, engage in new ways, and increase operational performance. For more information, visit: www.hpe.com.

Financing available through Hewlett-Packard Financial Services Company and its subsidiaries (HPFSC) to qualified customers and is subject to credit approval and execution of standard HPFSC documentation. Rates and terms are based on customer's credit rating, offering types, services and/or equipment type and options. Other charges, including without limitation, taxes, fees and shipping charges, may apply. Not all HP products are eligible. Not all customers may qualify. Other restrictions may apply. HPFSC reserves the right to change or cancel this program at any time without notice.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200408005117/en/

SOURCE: Hewlett Packard Enterprise

Angela.Chatzidimitriou@hpe.com 
Angela Chatzidimitriou, HPE

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