SAN JOSE, Calif. -- MathStar Inc. appears to be winding down its operations.
As it seeks a buyer, MathStar said it plans to discontinue its field programmable object array (FPOA) chip development and its board-level systems development businesses.
MathStar (Hillsboro, Calif.) said it ''decided to do so to preserve the company's assets while it considers strategic alternatives.'' As previously reported, the company has decided to engage an investment banker to explore strategic alternatives.
As a result, MathStar expects to incur aggregate pre-tax costs and charges of approximately $4.1 million, including $1.1 million in employee severance and benefit costs. The company expects to incur these charges primarily in the second and third quarters of the year ended Dec. 31.
Several executives, including Douglas M. Pihl, chairman and chief executive and chief financial officer, will remain with MathStar in order to wind down the businesses and maintain the company's status as a reporting company under the Securities Exchange Act of 1934.