Marvell Technology Enters into Agreement with Google for Custom Semiconductor Products

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announced a significant commercial agreement with Google LLC for the development of custom semiconductor products. As part of this agreement, Marvell issued a warrant to Google to purchase up to 58,970,907 shares of its common stock at an exercise price of $206.58 per share. The warrant is subject to vesting conditions, with 1,360,867 shares vesting quarterly in the first year and the remaining shares vesting based on Google's purchases of custom products. The warrant is exercisable until August 18, 2033, and the shares are expected to be issued in reliance on the exemption from registration under Section 4(a)(2) of the Securities Act of 1933. This agreement and the warrant issuance are considered material events under Item 1.01 and Item 3.02 of Form 8-K.

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About Marvell Technology, Inc.

Marvell Technology, Inc. is a semiconductor company that develops and supplies a broad array of comprehensive solutions for data infrastructure. The primary purpose of Marvell Technology is to provide innovative silicon and software infrastructure solutions bridging the data center, enterprise networking, carrier infrastructure, and consumer markets. The company is renowned for its expertise in data processing and storage, offering high speed connectivity products and custom ASIC solutions. Marvell's product portfolio significantly impacts sectors such as cloud services, automotive, and industrial applications, contributing to advancements in storage, networking, and connectivity. Established in 1995, Marvell has been pivotal in enhancing the speed and efficiency of data transfer, which is crucial in handling large amounts of data generated across various applications. The company's ability to innovate continually within its field of semiconductor solutions positions it as a key player in driving growth and evolution within the technology industry. By collaborating with leading technology firms and continuously integrating advanced technologies, Marvell plays a critical role in supporting global connectivity and data management.