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  • foreverwhiteroses foreverwhiteroses Jul 26, 2010 5:24 PM Flag

    NanoGram

    So is NanoGram Corp, the company being acquired, a different company than NeoPhotonics? The latest prospectus for the potential IPO for NeoPhotonics says "We changed our name to NeoPhotonics Corporation in 2002 after having been incorporated as NanoGram Corporation in October 1996 in the State of Delaware," but the article calls NeoPhotonics the "former parent company." Does this mean no IPO?

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    • The Neophotonics IPO is not affected. The Nanogram that was recently acquired was a spinout from Neophotonics, which is why Neophotonics is referred to as "former parent."

      The original Nanogram changed its name to Neophotonics, and this is the company currently considering an IPO. Subsequent to the name change, Neophotonics spun out two subsidiaries, "Nanogram Devices" and "Nanogram" (let's call that one "New Nanogram"). Both were subsequently acquired: Nanogram Devices was acquired a while ago, and "New" Nanogram was acquired within the last month.

      Apart from its stake in Neophotonics, TINY has/had several million shares of various series of "New" Nanogram preferred (representing a 5.7% stake), but the value of the shares were written down to zero last year. I do not know why they were written down to zero.

      I also do not know if TINY retained any slight equity interest in "New" Nanogram after the writedown. Obviously, the writedown to zero would seem to say "No," but I have seen stranger things occur.

      I will note that Nanogram's website still lists TINY as an investor, but also note that the website does not seem to contain any new info more recent than July 2009. For example, it contains no news release concerning its recent acquisition.

      Here are the relevant lines from Neophotonics' recently amended S-1 (7/23) concerning Nanogram. This passage starts at the bottom of page 54:

      "We changed our name to NeoPhotonics Corporation in 2002 after having been incorporated as NanoGram Corporation in October 1996 in the State of Delaware. During 2002 and 2003, we spun out two new companies, NanoGram Devices Corporation, a medical device battery company, and NanoGram Corporation, a nanomaterials applications company. NanoGram Devices was subsequently acquired by Greatbatch Inc. NanoGram Corporation was acquired by a third party in July 2010."

    • If Nanogram was spun out of NeoPhotonics, I wonder if Neo retained any equity interest in Nanogram? Do you reckon anything could fall to NeoPhotonics from Nanograms' acquisition? It sure would be nice.

 
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