Tioga Technologies (Nasdaq:TIGA) (TIGA) chief executive Douglas Goodyear yesterday refused to comment on rumors that Globespan (Nasdaq:GSPN) wants to acquire the company.
In conversation with TheMarker.com he said he is aware of the rumors, but would confirm only that Tioga has been looking for a strategic investor for some time among communications chip makers.
Tioga on Monday rocketed 73.3% on Nasdaq to 52 cents per share on 18 times its usual turnover, after hitting a 52-week low of 23 cents on November 1.
When Tioga was spun off from Orckit Communications (Nasdaq:ORCT) in July 2000, its share stood at $16.9.
Speaking from his California office, Goodyear yesterday said he too was bemused by the share's leap.
Tioga provides integrated circuits, software and system-level solutions for digital subscriber line applications that enable high-speed communications over existing telephone lines.
The company, headquartered in San Jose, California, ended the third quarter of 2001 with revenues of $487,000. Its expectations of the fourth quarter are even lower ¿ around $200,000 revenues.