Wave Computing and MIPS Technologies Reach Agreement to Exit Bankruptcy

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Company expects to exit bankruptcy in January 2021 pending creditor and court approval of Tallwood-led reorganization plan

www.prnewswire.com, Dec. 28, 2020 – 

SANTA CLARA, Calif., Dec. 28, 2020 /PRNewswire/ -- Wave Computing, Inc. ("Wave" or "the Company"), the processor technology company focused on the commercialization of RISC processor architectures and IP cores, and its subsidiaries including MIPS Tech, today announced that the Company has reached an agreement with its secured lender Tallwood Technology Partners, LLC ("Tallwood") to restructure the Company's current capital structure and provide substantial recovery to the Company's unsecured creditors via amendments to the Company's proposed Chapter 11 plan of reorganization. The Company commenced an auction on December 21, 2020 seeking the highest or otherwise best offer to restructure or purchase the Company's business, and, after improving its initial restructuring bid by nearly $10 million, Tallwood was identified as the successful bidder the next day.

The conclusion of the auction and decision to move forward with the Tallwood restructuring moves Wave's Chapter 11 cases a large step toward conclusion. Wave initiated its restructuring in April 2020 and has since run a thorough marketing process. The restructuring will allow Wave to refocus its business around the continued commercialization of the Company's storied MIPS architectures, and position itself for sustainable long-term growth. The restructuring is expected to generate a high recovery for the Company's creditors, and represents a strong outcome for all the Company's stakeholders.

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