4 unchanged sentences
Investors should also refer to the other information contained in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, including our condensed consolidated financial statements and related notes, and our other filings made from time to time with the Securities and Exchange Commission ("SEC").
−Removed: Risks Related to COVID-19 and the Global Economy
+Added: Risks Related to the Global Economy and COVID-19
The continued uncertain global economic environment and volatility in global credit, banking and financial markets could materially and adversely affect our business and results of operations.
88 unchanged sentences
The display manufacturing market is highly concentrated and we are, and will continue to be, dependent on a limited number of customers and distributors for a substantial portion of our revenue.
−Removed: Sales to our top distributor for the first six months of 2023 represented 41% of revenue.
+Added: Sales to our top distributor for the first nine months of 2023 represented 45% of revenue.
Sales to our top distributor for the years ended December 31, 2022 and 2021 represented 29% and 27% of revenue, respectively.
1 unchanged sentence
The loss of any of our top distributors could negatively affect our results of operations.
−Removed: Additionally, revenue attributable to our top five end customers represented 85%, 76% and 76% of revenue for the six months ended June 30, 2023 and the years ended December 31, 2022 and 2021, respectively.
−Removed: As of June 30, 2023 and December 31, 2022 we had four accounts that each represented 10% or more of accounts receivable.
+Added: Additionally, revenue attributable to our top five end customers represented 88%, 76% and 76% of revenue for the nine months ended September 30, 2023 and the years ended December 31, 2022 and 2021, respectively.
+Added: As of September 30, 2023 we had two accounts that each represented 10% or more of accounts receivable.
+Added: As of December 31, 2022 we had four accounts that each represented 10% or more of accounts receivable.
All of the orders included in our backlog are cancellable.
43 unchanged sentences
Sales outside the U.S.
−Removed: accounted for approximately 100%, 95% and 97% of revenue for the six months ended June 30, 2023 and the years ended December 31, 2022 and 2021, respectively.
+Added: accounted for approximately 100%, 95% and 97% of revenue for the nine months ended September 30, 2023 and the years ended December 31, 2022 and 2021, respectively.
We anticipate that sales outside the U.S.
237 unchanged sentences
We rely on a combination of patent, copyright, trademark and trade secret laws, as well as nondisclosure agreements and other methods, to help protect our proprietary technologies.
−Removed: As of June 30, 2023, we held 280 patents and had 18 patent applications pending for protection of our significant technologies.
+Added: As of September 30, 2023, we held 278 patents and had 18 patent applications pending for protection of our significant technologies.
Competitors in both the U.S.
47 unchanged sentences
In addition, the Company faces certain liquidity risks from its operations in China.
−Removed: PWSH has, in the past, and may decide in the future, to sell shares of its stock, such as in a private placement similar to that which closed in August 2021, in an initial public offering on a stock exchange located in China, such as the Shanghai Stock Exchange’s Science Technology Innovation Board, known as the STAR Market (the “Listing”), or otherwise.
+Added: PWSH has, in the past, and may decide in the future, to sell shares of its stock, such as in a private placement similar to that which closed in August 2021, in an initial public offering on a stock exchange located in China, such as the Shanghai Stock Exchange’s ("SSE") Science Technology Innovation Board, known as the STAR Market (the “Listing”), or otherwise.
In addition, PWSH may, in the future, become profitable.
42 unchanged sentences
Our failure to successfully leverage the completion of the Listing to enhance our access to new capital markets and expand our PRC business could result in a decrease in the price of our common stock, and we cannot assure you that the success of PWSH will have an associated positive effect on the price of our common stock.
−Removed: We currently intend to file an application for the Listing in 2023, but there can be no assurances that the Listing will occur in that timeframe, if at all.
+Added: The CSRC and the SSE have recently tightened the standards for the STAR Market and are currently advising companies that are not yet profitable under China GAAP standards against filing an IPO application in the present environment.
+Added: The Company believes this is in large part due to the current economic conditions in China and the recent performance of companies already listed on the STAR Market that were not profitable at the time of their IPO.
+Added: PWSH is not currently profitable under China GAAP standards.
+Added: The CSRC and the SSE may relax the standards, but there is no guarantee that this will happen in any particular time frame.
+Added: The Company will continue to prepare our application so it is ready to file once the situation changes or PWSH achieves profitability under China GAAP standards.
+Added: There can be no assurances that the Listing will occur at all.
In the interim, PWSH may require additional funding from Pixelworks to augment its PRC operations, and we cannot give any assurance that such capital will be available from Pixelworks on terms acceptable to us.
52 unchanged sentences
Additionally, pursuant to our “at the market” equity offering program, we may sell shares of our common stock having aggregate sales proceeds of up to $25.0 million from time to time through Cowen and Company, LLC, as our agent.
−Removed: Through June 30, 2023, we sold an aggregate of 1,808,484 shares of our common stock under this at the market offering.
+Added: Through September 30, 2023, we sold an aggregate of 1,808,484 shares of our common stock under this at the market offering.
The issuance and sale of additional shares of our common stock pursuant to our “at the market” equity offering program or otherwise will have a dilutive impact on our existing stockholders.
8 unchanged sentences
Under the Nasdaq Marketplace Rules our common stock must maintain a minimum price of $1.00 per share for continued inclusion on the Nasdaq Global Market.
−Removed: Our stock price was $1.37 on May 4, 2023, and we cannot guarantee that our stock price will remain at or above $1.00 per share.
+Added: Our closing stock price was $1.07 on October 3, 2023, and we cannot guarantee that our stock price will remain at or above $1.00 per share.
If the price drops below $1.00 per share, our stock could become subject to delisting, and we may seek shareholder approval for a reverse stock split, which in turn could produce adverse effects and may not result in a long-term or permanent increase in the price of our common stock.
4 unchanged sentences
or (iii) a minimum of $10.0 million in shareholders' equity, at least 750,000 publicly held shares, at least $5.0 million in market value of publicly held shares and at least two registered and active market makers.
−Removed: As of June 30, 2023, we were in compliance with these listing requirements.
+Added: As of September 30, 2023, we were in compliance with these listing requirements.
Our stock price is volatile and we believe that we continue to remain susceptible to the market value of our listed securities and/or the market value of our publicly held securities falling below $50.0 million and $5.0 million, respectively.
18 unchanged sentences
(incorporated by reference to Exhibit 3(ii).1 to the Company's Form 8-K filed on February 1, 2023).
+Added: 10.1+ Executive Compensation Recovery Policy, as amended and restated as of August 14, 2023 (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed on August 17, 2023).
31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C.
14 unchanged sentences
__________________
+Added: + Indicates a management contract or compensation arrangement.
* Exhibits 32.1 and 32.2 are being furnished and shall not be deemed to be "filed" for under the Securities Act of 1933, as amended (the “Securities Act”) or the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, nor shall such exhibits be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing, except to the extent specifically stated in such filing.
2 unchanged sentences
PIXELWORKS, INC.
−Removed: August 8, 2023 /s/ Haley F.
+Added: November 7, 2023 /s/ Haley F.
Chief Financial Officer,
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.