MaxLinear Repurchases 1.65M Shares From Venture Capital Investors

MaxLinear, Inc. (NYSE: MXL), a leading provider of integrated radio frequency (RF) and mixed-signal integrated circuits for broadband communication applications, today announced that it has executed an agreement to repurchase 1,152,338 shares of its Class A common stock from Mission Ventures and 500,000 shares of its Class B common stock from various funds affiliated with US Venture Partners. Following the repurchase, Mission Ventures will no longer hold any Class A or Class B Common Stock of MaxLinear. USVP will continue to hold an aggregate of 2,396,571 shares of MaxLinear’s Class B common stock and no shares of Class A common stock.

The per share purchase price for all of the shares being repurchased was $5.59, the closing price of MaxLinear’s Class A common stock in trading on the New York Stock Exchange on August 21, 2012, the date of the agreement. The aggregate repurchase price was $9,236,569. The repurchase is subject to standard closing and settlement conditions.

Under the terms of the stock repurchase agreement, USVP has agreed for a period of six months to notify MaxLinear prior to making any sales or other transfers of MaxLinear’s capital stock or any distributions of MaxLinear capital stock to USVP’s limited partners. For a 24-hour period, MaxLinear will then have the opportunity, but not the obligation, to repurchase the shares proposed to be sold, distributed, or transferred at a per share repurchase price equal to the closing price of MaxLinear’s Class A common stock in trading on the New York Stock Exchange on the day after USVP notifies MaxLinear of its intentions with respect to a sale, distribution, or transfer of the shares.

“Given current trading prices and the large blocks of stock held by our largest remaining pre-IPO investors, our board of directors believed that these privately negotiated repurchases were in the best interests of MaxLinear and its stockholders,” said Kishore Seendripu, Ph.D., Chairman and Chief Executive Officer of MaxLinear, Inc. Dr. Seendripu added: “The decision with respect to these private repurchases was unique to the present circumstances of MaxLinear’s business and the substantial blocks held by Mission and USVP. We are not presently contemplating any open market repurchases or similar repurchase programs.”

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