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|Item 5.02.|| |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Magnachip Semiconductor Corporation (the “Company”) received a letter of resignation, dated April 19, 2021, from Mr. Nader Tavakoli, a member of the Board of Directors of the Company (the “Board”), which resignation was accepted by the Board and effective as of April 22, 2021. Now that the Company’s preliminary proxy statement in connection with the special meeting of stockholders to approve its proposed merger with Michigan Merger Sub, Inc. has been filed with the Securities and Exchange Commission, Mr. Tavakoli decided that, after over 11 years of service as a member of the Board, and given other immediate and pressing business obligations, it was the right time to conclude his service to the Company. Mr. Tavakoli’s resignation is not due to any disagreement with the Company over any of its financial reporting, operations, policies or practices.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|MAGNACHIP SEMICONDUCTOR CORPORATION|
|Dated: April 23, 2021||By:|
|Chief Compliance Officer, General Counsel and Secretary|