Magma Design Automation Inc. (Nasdaq:LAVA), a provider of chip design solutions, announced today that it granted options to purchase its common stock to 8 individuals who commenced employment through November 30, 2004. A total of 32,750 options were granted at an exercise price of $13.56, equal to Magma's closing price on November 30, 2004.
These grants were made as part of the company's 2004 Employment Inducement Award Plan to newly hired employees and met the "employee inducement" exception to Nasdaq's rules adopted in 2003 requiring shareholder approval of equity-based incentive plans.
About Magma
Magma provides leading software for designing highly complex integrated circuits while maximizing Quality of Results with respect to area, timing and power, and at the same time reducing overall design cycles and costs. Magma provides a complete RTL-to-GDSII design flow that includes design planning, prototyping, synthesis, place & route, and signal and power integrity chip design capabilities in a single executable, offering "The Fastest Path from RTL to Silicon"(TM). Magma's software also includes products for advanced physical synthesis and architecture development tools for programmable logic devices (PLDs); capacitance extraction; and characterization and modeling. The company's stock trades on Nasdaq under the ticker symbol LAVA. Visit Magma Design Automation on the Web at www.magma-da.com.
Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Further discussion of these and other potential risk factors may be found in Magma's latest filings with the Securities and Exchange Commission on Form 10-K, and any subsequent updates thereto on form 10-Q. These forward-looking statements speak only as of the date hereof. Magma disclaims any obligation to update these forward-looking statements.
Magma is a registered trademark and "The Fastest Path from RTL to Silicon" is a trademark of Magma Design Automation Inc. All other product and company names are trademarks and registered trademarks of their respective companies.