ICHOR HOLDINGS, LTD. current report, 19 November 2021

Business Context and Reporting Period

This Form 8-K filing by Ichor Holdings, Ltd. (ICHOR) reports on events occurring on November 19, 2021. The registrant is a Cayman Islands corporation with principal executive offices in Fremont, California, and its ordinary shares trade on the NASDAQ Stock Market.

Key Financial Metrics

The filing details a specific transaction rather than periodic financial performance metrics such as revenue, profit, or cash flow for a reporting period.

  • Transaction Consideration: $270 million in cash.
  • Adjustments: Subject to customary closing and post-closing adjustments for net working capital, indebtedness, cash, and transaction expenses.
  • Debt and Liquidity: The filing does not provide specific values for the company's current debt levels or liquidity position outside of the transaction context.

Material Changes

On November 19, 2021, Ichor Systems, Inc., a wholly-owned subsidiary of Ichor Holdings, Ltd., completed the acquisition of IMG Companies, LLC ("IMG").

  • Structure: A merger was executed where MergerCo merged with and into IMG, with IMG surviving as a wholly-owned subsidiary of Ichor.
  • Equity Impact: All issued and outstanding membership interests of IMG were cancelled in exchange for the cash consideration.

Guidance, Outlook, and Risks

The filing does not contain forward-looking guidance, management commentary on future outlook, or specific risk factors beyond the standard transaction disclosures.

  • Financial Statements: The company intends to file required financial statements of the acquired business within 71 calendar days of the filing date.
  • Pro Forma Information: Pro forma financial information is also scheduled to be filed within 71 calendar days.

Investor Verification Checklist

  • Verify the final purchase price after customary adjustments for net working capital, indebtedness, and cash.
  • Review the upcoming financial statements of IMG Companies, LLC to be filed within 71 days.
  • Examine the pro forma financial information to understand the combined entity's financial position.
  • Confirm the impact of the $270 million cash outflow on Ichor Holdings' current liquidity and debt covenants.