Data I/O Agrees to Buy V-TEK and A&J Programming for $23 Million

Data I/O Corporation agreed to acquire V-TEK, Inc. and A&J Programming, Inc. for approximately $23 million, adding semiconductor handling equipment and device programming operations if the deal closes. The agreement was disclosed Oct. 19. About $3 million of the purchase price will be paid in Data I/O common stock, representing roughly 1.12 million shares. The planned funding mix also includes cash on hand and proceeds from a proposed $13.25 million securities offering. The proposed offering is a private placement of convertible subordinated debentures and common shares. Data I/O expected that financing to close within days, subject to customary conditions. V-TEK, based in Mankato, Minnesota, makes semiconductor handling and packaging equipment. A&J Programming, based in San Jose, California, provides device programming services.

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