On March 30, 2023, Allegro MicroSystems, LLC, and Sanken also entered into a Distribution Agreement (the Short-Term Distribution Agreement") and a Consulting Agreement, each of which were effective April 1, 2023 (the Effective Date"). The Short-Term Distribution Agreement provides for the management and sale of Company product inventory for a period of twenty-four months from the Effective Date. Under the terms of the Consulting Agreement, Sanken agreed to continue to provide transition services for a period of six months from the Effective Date to a strategic customer as orders for the customer are transitioned from Sanken to the Company, and the Company agreed to pay Sanken for providing these transition services.
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- Allegro MicroSystems, LLC. and Sanken Enters into Distribution Agreement and Consulting Agreement