Valens Semiconductor Ltd 6-K, filed Dec 5, 2022
Valens Semiconductor Ltd. (VLN)
About this 6-K
Valens Semiconductor Ltd filed this 6-K on December 5, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2022
Commission File Number: 333-257176
VALENS SEMICONDUCTOR LTD.
(Exact name of registrant as specified in its charter)
8 Hanagar St. POB 7152
Hod Hasharon 4501309
Israel
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
| Form 20-F | ☒ | Form 40-F | ☐ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
| Yes | ☐ | No | ☒ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
| Yes | ☐ | No | ☒ |
EXPLANATORY NOTE
The information in the attached Exhibit 99.1 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise set forth herein or as shall be expressly set forth by specific reference in such a filing.
TABLE OF CONTENTS
| ITEM | |
| 99.1 | Press Release dated December 5, 2022 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VALENS SEMICONDUCTOR LTD. | |||
| By: | /s/ Dror Heldenberg | ||
| Name: | Dror Heldenberg | ||
| Title: | Chief Financial Officer | ||
Date: December 5, 2022
EXHIBIT 99.1
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Following Successful Testing of Valens Semiconductor Chipsets, Leading Japanese Automotive Association JASPAR Validates the MIPI A-PHY Standard
This stringent testing provides further validation of Valens Semiconductor’s VA7000 A-PHY-compliant chipsets for the automotive industry
HOD HASHARON, Israel, December 5, 2022 - Valens Semiconductor (NYSE: VLN), a premier provider of high-speed connectivity solutions for the automotive and audio-video markets, today announced that the Japan Automotive Software Platform and Architecture (JASPAR) organization has formally validated the MIPI A-PHY specification for its network of Japanese OEMs and Tier 1s, including Toyota, Nissan, Honda, Mazda, and DENSO. This came after the Valens Semiconductor VA7000 A-PHY-compliant chipsets passed JASPAR’s rigorous testing for Electromagnetic Compatibility (EMC), marking an important milestone for the integration of these chipsets into safety-critical Advanced Driver-Assistance Systems (ADAS).
JASPAR was established in 2004 to facilitate the adoption of new automotive related technologies throughout Japan. The organization helps improve development efficiency and ensures reliability through standardization and sharing of sophisticated electronic automotive software and networks. It does this by providing common specification guidelines that can be referenced by the country's automobile OEMs and their Tier 1 partners.
JASPAR administered a comprehensive suite of EMC tests on the Valens VA7031 serializer and VA7044 deserializer chipsets for induction noise, TEM cell, antenna irradiation, BCI, antenna irradiation radar band, wireless device, conductive noise, and radiation noise. The tests were conducted according to the JASPAR Next-Generation High-Speed LAN Evaluation Standards Ver. 3.0 (ST-HN-3). The recommended circuit specification, A-PHY, has been published as JASPAR Recommended Multi-gigabit Electric Circuit Specification Ver. 1.0 (ST-HN-10).
“As car companies integrate next-generation ADAS and autonomous systems with sensors requiring ever-higher bandwidth, EMC is becoming increasingly important,” said Hideki Goto, Chairperson of the Next Generation High-Speed Network Working Group at JASPAR and Group Manager at Toyota Motor Corporation. “Our EMC testing has shown that MIPI A-PHY is one of the most resilient technologies for electromagnetic interference.”
“At Valens Semiconductor, we take pride in our unique offering of ultra-high bandwidth long reach connectivity alongside an unprecedented EMC performance,” said Gideon Kedem, SVP and Head of Automotive at Valens Semiconductor. “JASPAR’s recommendation is a seal of approval for our VA7000 chipsets as well as for the MIPI A-PHY standard as a whole. The successful testing will give automotive OEMs – not just in Japan but around the world – even more confidence in using our technology to protect vulnerable, safety-critical links. While other solutions cannot meet the industry’s growing bandwidth requirements without compromising on EMC resilience, only A-PHY will allow OEMs to safely enhance their ADAS architecture.”
MIPI A-PHY, defined by the MIPI Alliance, is the first standardized, asymmetric, long-reach serializer-deserializer (SerDes) physical layer specification targeted for advanced driver-assistance systems (ADAS), autonomous driving systems (ADS), in-vehicle infotainment (IVI) displays and other surround-sensor applications (e.g., cameras, lidar, radar). It offers OEMs unprecedented bandwidth and link distance, while guaranteeing an industry-low Packet Error Rate (PER) of 10-19 – orders of magnitude lower than competing solutions used in cars today. The Valens VA7000 chipsets are the first on the market to comply with the A-PHY standard.
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About Valens Semiconductor
Valens Semiconductor pushes the boundaries of connectivity by enabling long-reach, high-speed video and data transmission for the Audio-Video and Automotive industries. Valens’ HDBaseT technology is the leading standard in the Audio-Video market with tens of millions of Valens’ chipsets integrated into thousands of products in a wide range of applications. Valens’ Automotive chipsets are deployed in systems manufactured by leading customers and are on the road in vehicles around the world. Valens Semiconductor is a key enabler of the evolution of ADAS and autonomous driving and its advanced technology is the basis for the MIPI A-PHY standard for high-speed in-vehicle connectivity. For more information: www.valens.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding our anticipated future results, including financial results, currency exchange rates, and contract wins, and future economic and market conditions. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Valens Semiconductor’s (“Valens”) management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Valens Semiconductor.
These forward-looking statements are subject to a number of risks and uncertainties, including the cyclicality of the semiconductor industry; the effects of health epidemics, such as the recent global COVID-19 pandemic; the impact of the global pandemic caused by COVID-19 on our customers’ budgets and on economic conditions generally, as well as the length, severity of and pace of recovery following the pandemic; competition in the semiconductor industry, and the failure to introduce new technologies and products in a timely manner to compete successfully against competitors; if Valens fails to adjust its supply chain volume due to changing market conditions or fails to estimate its customers’ demand; disruptions in relationships with any one of Valens’ key customers; any difficulty selling Valens’ products if customers do not design its products into their product offerings; Valens’ dependence on winning selection processes; even if Valens succeeds in winning selection processes for its products, Valens may not generate timely or sufficient net sales or margins from those wins; sustained yield problems or other delays in the manufacturing process of products; our ability to effectively manage, invest in, grow, and retain our sales force, research and development capabilities, marketing team and other key personnel; our ability to timely adjust product prices to customers following price increase by the supply chain; our ability to adjust our inventory level due to sudden reduction in demand due to inventory buffers accrued by customers; our expectations regarding the outcome of any future litigation in which we are named as a party; our ability to adequately protect and defend our intellectual property and other proprietary rights; the market price and trading volume of the Valens ordinary shares may be volatile and could decline significantly; political, economic, governmental and tax consequences associated with our incorporation and location in Israel; and those factors discussed in Valens’ Form 20-F filed with the SEC on March 2, 2022 under the heading “Risk Factors,” and
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other documents of Valens filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Valens does not presently know or that Valens currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Valens’ expectations, plans or forecasts of future events and views as of the date of this press release. Valens anticipates that subsequent events and developments may cause Valens’ assessments to change. However, while Valens may elect to update these forward-looking statements at some point in the future, Valens specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Valens’ assessment as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Press Contact:
Yoni Dayan
Head of Communications
Valens Semiconductor Ltd.
Yoni.dayan@valens.com
Investor Contacts:
Daphna Golden
Vice President Investor Relations
Valens Semiconductor Ltd.
investors@valens.com
Moriah Shilton
Financial Profiles, Inc.
US: +1 310-622-8230
ValensIR@finprofiles.com
SOURCE Valens Semiconductor