ACQUISITION	6 Months Ended
Jun. 30, 2024
ACQUISITION
ACQUISITION	14. ACQUISITION: Odyssey Semiconductor Technologies On March 12, 2024, the Company entered into an agreement with Odyssey Semiconductor Technologies ("Odyssey"), a U.S. company and a developer of vertical gallium-nitride (“GaN”) transistor technology. The transaction closed on July 1, 2024; at that time all key Odyssey employees joined Power Integrations’ technology organization. Pursuant to the asset purchase agreement, Odyssey sold, transferred and assigned substantially all of its assets to the Company for $9.52 million in cash consideration. It is expected that intangible assets and goodwill arising from the acquisition will be recorded on the Company’s consolidated balance sheets. However, as the initial accounting for the acquisition had not yet been completed at the time of the issuance of these unaudited condensed consolidated financial statements, further details have not yet been disclosed. The Company does not expect the acquisition to have a material impact on its consolidated financial statements.

ACQUISITION

6 Months Ended

Jun. 30, 2024

14. ACQUISITION:

Odyssey Semiconductor Technologies

On March 12, 2024, the Company entered into an agreement with Odyssey Semiconductor Technologies ("Odyssey"), a U.S. company and a developer of vertical gallium-nitride (“GaN”) transistor technology. The transaction closed on July 1, 2024; at that time all key Odyssey employees joined Power Integrations’ technology organization. Pursuant to the asset purchase agreement, Odyssey sold, transferred and assigned substantially all of its assets to the Company for $9.52 million in cash consideration.

It is expected that intangible assets and goodwill arising from the acquisition will be recorded on the Company’s consolidated balance sheets. However, as the initial accounting for the acquisition had not yet been completed at the time of the issuance of these unaudited condensed consolidated financial statements, further details have not yet been disclosed. The Company does not expect the acquisition to have a material impact on its consolidated financial statements.