As filed with the Securities and Exchange Commission on April 18, 2000
Registration No. 333-________
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-3
REGISTRATION STATEMENT
Under
The Securities Act of 1933
PMC-SIERRA, INC.
(Exact name of Registrant as specified in its charter)
Delaware 94-2925073
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
8555 Baxter Place, Suite 105
Burnaby, British Columbia
Canada, V5A 4V7
(604) 415-6000
(Address, including zip code, and telephone number, including area code,
of Registrant's principal executive offices)
The Corporation Trust Company
1209 Orange Street
Wilmington, Delaware 19801
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
Copy to:
Neil Wolff
Wilson Sonsini Goodrich & Rosati
Professional Corporation
650 Page Mill Road
Palo Alto, CA 94304
(650) 493-9300
APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO PUBLIC: From time
to time after the effective date of this Registration Statement.
If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, check the following box.
[ ]
If any of the securities being registered on this form are to be
offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933 (the "Securities Act"), other than securities offered
only in connection with dividend or interest reinvestment plans, please check
the following box. [X]
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. [ ]
If this Form is a post-effective amendment filed pursuant to Rule
462(c) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration
statement for the same offering. [ ]
If delivery of the prospectus is expected to be made pursuant to Rule
434, please check the following box. [ ]
CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
- --------------------------------- ----------------------- ---------------------- ----------------------------- --------------------
Proposed Maximum
Title of Each Class of Amount Offering Price Per Proposed Maximum Aggregate Amount of
Securities to be Registered to be Registered Unit (1) Offering Price (1) Registration Fee
- --------------------------------- ----------------------- ---------------------- ----------------------------- --------------------
<S> <C> <C> <C> <C> <C>
Common Stock, $.001 par value 4,794,065 $126.50 $606,449,222.50 $160,102.59
- --------------------------------- ----------------------- ---------------------- ----------------------------- --------------------
<FN>
(1) Estimated solely for the purpose of determining the registration fee and
calculated in accordance with Rule 457(c) under the Securities Act on the
basis of the average of the high and low prices of PMC's common stock on
April 14, 2000 as quoted on the Nasdaq National Market.
</FN>
</TABLE>
The Registrant hereby amends this Registration Statement on such date or
dates as may be necessary to delay its effective date until the Registrant shall
file a further amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933 or until the Registration Statement shall become
effective on such date as the Commission, acting pursuant to said Section 8(a),
may determine.
<PAGE>
- --------------------------------------------------------------------------------
Information contained in this prospectus is subject to completion or amendment.
A registration statement relating to these securities has been filed with the
Securities and Exchange Commission. These securities may not be sold nor may
offers to buy be accepted prior to the time the registration statement becomes
effective. This prospectus shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these securities
in any State in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such State.
- --------------------------------------------------------------------------------
SUBJECT TO COMPLETION
PMC-SIERRA, INC.
4,794,065 SHARES OF COMMON STOCK
We are offering up to 4,794,065 shares of our common stock held by
several selling stockholders listed from page 3 to page 6 of this prospectus.
The shares were issued or became issuable to the selling stockholders on March
3, 2000 by virtue of the merger of a subsidiary of PMC-Sierra, Inc., with and
into AANetcom, Inc., a Delaware corporation. The issuance of the shares was
exempt from the registration requirements of the Securities Act of 1933.
The selling stockholders may sell or distribute the shares through
underwriters, dealers, brokers or other agents, or directly to one or more
purchasers. The price may be the market price prevailing at the time of sale or
a price privately negotiated.
We will not receive any of the proceeds from the sale of the shares.
However, we will pay substantially all expenses incident to their registration.
--------------------
Our common stock is quoted on the Nasdaq National Market under the
symbol "PMCS." On April 14, 2000, the last reported sale price of our common
stock was $118.44 per share.
--------------------
INVESTING IN OUR COMMON STOCK INVOLVES A HIGH DEGREE OF RISK. SEE "RISK
FACTORS" LOCATED ON PAGE 2 OF THIS PROSPECTUS.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED THE PMC COMMON STOCK TO BE ISSUED IN
CONNECTION WITH THIS PROSPECTUS OR DETERMINED WHETHER THIS PROSPECTUS IS
ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this prospectus is April 18, 2000
<PAGE>
YOU SHOULD RELY ONLY ON INFORMATION OR REPRESENTATIONS CONTAINED OR
INCORPORATED BY REFERENCE IN THIS PROSPECTUS. NO ONE HAS BEEN AUTHORIZED TO
PROVIDE YOU WITH ANY DIFFERENT INFORMATION.
Our business and affairs may change following the date of this
prospectus. We do not have an obligation to update the information in this
prospectus after the date on the cover page.
WHERE YOU CAN FIND MORE INFORMATION
PMC files annual, quarterly and current reports, proxy and information
statements and other information with the Securities and Exchange Commission.
You can inspect and copy these reports, proxy and information statements and
other information concerning PMC at the Commission's public reference facilities
at Room 1024, 450 Fifth Street, N.W., Washington, D.C. 20549; and at the
Commission's regional offices at Citicorp Center, 500 West Madison Street,
Chicago, Suite 1400, Illinois 60661-2511 and Seven World Trade Center, 13th
Floor, New York, New York 10048. Information on the operation of the Public
Reference Room is available by calling the Commission at 1-800-SEC-0330. The SEC
also maintains a site on the World Wide Web at http://www.sec.gov that contains
reports, proxy and information statements and other information about PMC.
This prospectus is part of the Registration Statement on Form S-3 that
PMC filed with the commission to register shares of its common stock. This
prospectus does not contain all of the information contained in the Registration
Statement. Parts of documents are incorporated by reference into this
prospectus. You should read these documents in their entirety rather than
relying just on the parts incorporated by reference. Some of these documents are
exhibits to the Registration Statement. The Registration Statement together with
its exhibits can be inspected and copied at the public reference facilities and
regional offices of the Commission referred to above.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The following documents, which have been filed by PMC with the
Commission pursuant to the Exchange Act, are incorporated by reference and made
a part of this prospectus:
1. PMC's Annual Report on Form 10-K for the fiscal year ended December
26, 1999, as amended;
2. PMC's Current Reports on Form 8-K dated March 20, 2000 and April
12, 2000.
3. all reports, definitive proxy statements and other documents filed
by PMC with the Commission pursuant to Section 13(a), 13(c), 14 or
15(d) of the Exchange Act subsequent to the date of this prospectus and
prior to the termination of this offering.
Any statement in this prospectus incorporated by reference is only
incorporated to the extent that other statements in this prospectus do not
modify or supersede it.
You may request a copy of any and all of the documents or information
referred to above that has been or may be incorporated by reference in this
prospectus (excluding exhibits to such documents unless such exhibits are
specifically incorporated by reference). Requests should be directed in writing
or by phone to:
<PAGE>
PMC-Sierra, Inc.
Investor Relations
8555 Baxter Place, Suite 105
Burnaby, British Columbia
Canada V5A 4V7
Telephone Number: (604) 415-6000
PMC will provide these documents and information to you without charge.
THE COMPANY
PMC was incorporated in the State of California in 1983 and
reincorporated into the State of Delaware in 1997. All references to "PMC", "we"
or "us" are to PMC-Sierra, Inc. and include its subsidiaries, unless the context
requires otherwise. Our principal executive office is located at 105-8555 Baxter
Place, Burnaby, B.C., Canada V5A 4V7. Our telephone number at that location is
(604) 415-6000. Our Common Stock trades on the Nasdaq National Market under the
symbol "PMCS."
We design, develop, market and support high-performance semiconductor
networking solutions. Our products are used in the high speed transmission and
networking systems which are being used to restructure the global
telecommunications and data communications infrastructure.
We provide components for equipment based on Asynchronous Transfer Mode
("ATM"), Synchronized Optical Network ("SONET"), Synchronized Digital Hierarchy
("SDH"), T1/E1/J1 and T3/E3/J2 access transmission and Ethernet protocols. Our
networking products adhere to international standards and are sold on the
merchant market to over 100 customers either directly or through our worldwide
distribution channels.
SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS
Some statements and information in this prospectus constitute
"forward-looking statements" within the meaning of the federal securities laws.
Our results, performance, or achievements may be materially different from those
expressed or implied by such forward-looking statements. We may not nor are we
obligated to, release revisions to forward-looking statements to reflect
subsequent events.
RISK FACTORS
An investment in the shares involves a high degree of risk. In addition
to the other information contained in this prospectus, before purchasing the
shares, prospective investors should carefully consider the risk factors
described as "Factors That You Should Consider Before Investing In PMC-Sierra"
in our Annual Report on Form 10-K for the fiscal year ended December 26, 1999,
as amended.
USE OF PROCEEDS
We will not receive any proceeds from the sale of the shares covered by
this prospectus. We will, however, pay substantially all expenses related to the
registration of the shares.
<PAGE>
SELLING STOCKHOLDERS
The name of each selling stockholder and the aggregate number of shares
of common stock registered by this Registration Statement that each selling
stockholder may offer and sell are set out in the table on page 4. Because the
selling stockholders may sell or distribute all or a portion of the shares at
any time and from time to time after the date of this prospectus, we cannot
estimate the number of shares of common stock that each selling stockholder may
have upon completion of this offering. As of the date of this prospectus, the
following selling stockholders that are identified by placing an asterisk next
to their names serve as employees, directors or consultants of AANetcom, Inc.:
<PAGE>
Shares to be Offered for the
Selling Stockholder Selling Stockholder
-------------------------------------------- -------------------------------
Amit Shah Family Trust 4,007
Cisco Systems Inc. 761,458
Devang Shah Family Trust 2,938
Kannai Shah Irrevocable Trust 1,068
Killer Family Trust 4,007
NEC Corporation 213,742
Parikh Family Trust 4,007
Pennsylvania Early Stage Partners, LP 213,742
Rajdak Investment LLC 13,358
Albert Alcorn* 11,755
Praveen Alexander* 6,412
Michael Angelina* 21,374
Edmond Barakat* 6,412
Frank E. Barber*(1) 119,695
Rosemary Barcza* 3,206
Andreas Bechtolsheim 213,742
April I. Bergstrom*(2) 20,518
Sandra L. Buckley* 12,824
William Carter* 10,687
William Chattin* 8,015
Brett Clark*(3) 32,058
Bipin Dama*(4) 22,041
Sitaben Dayaljibhai Dama* 3,606
Anjan Dave* 2,564
Surender Dayal* 8,015
Joel H. Dedrick*(5) 101,527
Christine Dobos* 1,923
Donna Dougherty* 2,137
Robert Dow 10,687
Heather Fetchko* 1,603
Farzin Firoozmand*(6) 154,961
Russell Foster* 62,341
Jorge Garcia* 6,412
Joseph Guerrero*(7) 59,846
Kent Irish* 2,885
Arathi Iyer* 6,412
John H. Kemps*(8) 119,694
Mark Kerestes*(9) 119,691
Vincent Kim* 8,015
Masao Konomi* 21,374
Colleen Krisman* 2,404
Michael Kuneck* 13,358
Kenneth Laker* 18,168
Mary Ellen Laker(10) 3,204
Keith Long* 8,015
Parag Madhani* 57,710
Dhirajlal Manvar* 8,015
Jagat Mavani* 8,015
Clint Meyer* 2,564
David J. Moore* 8,015
Paulius Mosinskis* 16,030
Timothy Mumma* 3,847
Yatin Mundkur* 10,687
Kenneth Paist* 32,061
Pratix Parikh*(11) 119,695
Amit Parikh* 10,687
Bijit Patel*(12) 22,228
Soham Pathak* 59,847
Edward Poon* 19,236
Deepak Rana* 4,488
Denise Ritter* 6,412
Russell Romano* 4,488
Marty W. Saniski*(13) 119,695
Winslow Sargeant*(14) 119,693
Amit Shah* 21,374
Dharmesh Shah* 8,015
Divyang Shah* 10,687
Kalpendu Shastri*(15) 1,496,197
Thomas Snodgrass* 85,497
Kelly A. Stanton* 1,603
Chi Tai* 4,809
Yan-Zeng Tang*(16) 12,823
Richard L. Traber* 19,236
John Unger* 38,473
Rajasekhar Velamuri* 8,015
Michael Yanushefski* 8,015
---------------------------------------------
TOTAL 4,794,065
(1) Includes 8,015 shares held by Andrew F. Barbar Irrevocable Trust and 8,015
shares held by Valerie L. Barbar Irrevocable Trust. Frank E. Barber is a
trustee of these trusts.
(2) Includes 2,671 shares held by Bergstrom Family Irrevocable Trust. April I.
Bergstrom is a trustee of this trust.
(3) Includes 1,335 shares held by Lynn M. Clark Irrevocable Trust, 1,335
shares held by Christina M. Clark Irrevocable Trust, and 1,335 shares held
by Matthew J. Clark Irrevocable Trust. Brett Clark is a trustee of these
trusts.
(4) Includes 3,606 shares held by Dama Children Trust. Bipin Dama, together
with Bella Dama, is a trustee of this trust.
(5) Includes 8,683 shares held by Elizabeth A. Dedrick Irrevocable Trust and
8,683 shares held by Benjamin H. Dedrick 2000 Trust. Joel H. Dedrick is a
trustee of these trusts.
(6) Includes 1,335 shares held by Sameera Firoozmand Irrevocable Trust and
1,335 shares held by Nadia Firoozmand Irrevocable Trust. Farzin Firoozmand
is a trustee of these trusts.
(7) Includes 4,274 shares held by Christina Guerrero Irrevocable Trust and
4,274 shares held by Alexander C. Guerrero Irrevocable Trust. Joseph
Guerrero, together with Diane K. Guerrer, is a trustee of these trusts.
(8) Includes 8,015 shares held by Courtney E. Kemps Irrevocable Trust, 8,105
shares held by Schyler H. Kemps Irrevocable Trust, and 8,015 shares held
by Alexander J. Kemps Irrevocable Trust. John H. Kemps is a trustee of
these trusts.
(9) Includes 7,480 shares held by Anthony M. Kerestes Irrevocable Trust, 7,480
shares held by Christopher Kerestes Irrevocable Trust, 7,480 shares held
by Thomas Kerestes Irrevocable Trust, and 7,480 shares held by Sarah
Kerestes Irrevocable Trust. Mark Kerestes is a trustee of these trusts.
(10) Includes 1,068 shares held by John T. Laker Irrevocable Trust, 1,068
shares held by Christopher K. Laker Irrevocable Trust, and 1,068 shares
held by Brian T. Laker Irrevocable Trust. Mary Ellen Laker is a trustee of
these trusts.
(11) Includes 8,015 shares held by Ansel Parikh Irrevocable Trust and 8,015
shares held by Devon Parikh Irrevocable Trust. Pratix Parikh is a trustee
of these trusts.
(12) Includes 2,137 shares held by Patel Family Irrevocable Trust. Bijit Patel
is a trustee of this trust.
(13) Includes 8,015 shares held by Daniel M. Saniski Irrevocable Trust and
8,015 shares held by Katie Lynn Saniski Irrevocable Trust. Marty W.
Saniski is a trustee of these trusts.
(14) Includes 5,343 shares held by Kgosi R. Sargeant Irrevocable Trust, 5,343
shares held by Lorato G. Sargeant Irrevocable Trust, and 2,671 shares held
by Tsaone Tlale Irrevocable Trust. Winslow Sargeant is a trustee of these
trusts.
(15) Includes 801,534 shares held by Qualified Grantor Retained Annuity Trust.
Kalpendu Shastri is a trustee of this trust.
(16) Includes 2,671 shares held by Bianca W. Tang Irrevocable Trust. Yan-Zeng
Tang is a trustee of this trust.
<PAGE>
PLAN OF DISTRIBUTION
We will not receive any of the proceeds from the sale of the securities
by the selling stockholders. The selling stockholders may sell the securities
from time to time directly to purchasers. Alternatively, the selling
stockholders may from time to time offer the securities through underwriters,
brokers, dealers or agents who may receive compensation in the form of
discounts, concessions or commissions from the selling stockholders and/or the
purchasers of the securities for whom they may act as agent. The selling
stockholders and any brokers, dealers or agents who participate in the
distribution of the securities may be deemed to be "underwriters," and any
profits on the sale of the securities by them and any discounts, commissions or
concessions received by any brokers, dealers or agents might be deemed to be
underwriting discounts and commissions under the Securities Act. To the extent
the selling stockholders may be deemed to be underwriters, the selling
stockholders may be subject to some statutory liabilities of the Securities Act,
including, but not limited to, Sections 11, 12 and 17 of the Securities Act and
Rule 10b-5 under the Exchange Act.
The securities offered hereby may be sold from time to time by the
selling stockholders, or, to the extent permitted by pledgees, donees,
transferees or other successors in interest. The securities may be disposed of
from time to time in one or more transactions through any one or more of the
following:
(a) a block trade in which the broker or dealer so engaged will
attempt to sell the securities as agent but may position and
resell a portion of the block as principal to facilitate the
transaction;
(b) purchases by a broker or dealer as principal and resale by that
broker or dealer for its account;
(c) ordinary brokerage transactions and transactions in which the
broker solicits purchasers;
(d) an exchange distribution in accordance with the rules of that
exchange or transactions in the over-the-counter market;
(e) in transactions otherwise than in the over-the-counter market;
(f) through the writing of put or call options on the securities;
(g) short sales of the securities and sales to cover the short sales;
(h) the pledge of the securities as security for any loan or
obligation, including pledges to brokers or dealers who may, from
time to time, themselves effect distributions of the securities or
interest therein;
(i) the distribution of the securities by any selling stockholder to
its partners, members or shareholders; and
(j) a combination of any of the above.
These sales may be made at prices and at terms then prevailing or at
prices related to the then current market price or at negotiated prices and
terms. In effecting sales, brokers or dealers may arrange for other brokers or
dealers to participate.
At any time a particular offer of the securities is made, a revised
prospectus or prospectus supplement, if required, will be distributed which will
set forth the aggregate amount and type of securities being offered and the
terms of the offering, including the name or names of any underwriters, dealers
or agents, any discounts, commissions and other items constituting compensation
from the selling stockholders and any discounts, commissions or concessions
allowed or reallowed or paid to dealers. The prospectus supplement and, if
necessary, a post-effective amendment to the registration statement of which
this prospectus is a part, will be filed with the SEC to reflect the disclosure
of additional information with respect to the distribution of the securities. In
addition, the securities covered by this prospectus may be sold in private
transactions or under Rule 144 rather than pursuant to this prospectus.
To the best of our knowledge, there are currently no plans,
arrangements or understandings between any selling stockholders and any broker,
dealer, agent or underwriter regarding the sale of the securities by the selling
stockholders. There is no assurance that any selling stockholder will sell any
or all of the securities offered by it hereunder or that any selling stockholder
will not transfer, devise or gift the securities by other means not described
herein.
Under the securities laws of some states, the securities may be sold in
these states only through registered or licensed brokers or dealers. In
addition, in some states, the securities may not be sold unless the securities
have been registered or qualified for sale in the state or an exemption from
registration or qualification is available and complied with.
The selling stockholders and any other person participating in the
distribution will be subject to applicable provisions of the Exchange Act,
including, without limitation, Regulation M, which may limit the timing of
purchases and sales of any of the securities by the selling stockholders and any
other person. Furthermore, under Regulation M under the Exchange Act, any person
engaged in the distribution of the securities may not simultaneously engage in
market-making activities with respect to the particular securities being
distributed for particular periods prior to the commencement of the
distribution. All of the foregoing may affect the marketability of the
securities and the ability of any person or entity to engage in market-making
activities with respect to the securities.
Pursuant to the Declaration of Registration Rights entered into in
connection with the initial offer and sale of the common stock by us. Each of
PMC and the selling stockholders will be indemnified by the other against
particular liabilities, including some liabilities under the Securities Act, or
will be entitled to contribution in connection therewith.
We have agreed to pay substantially all of the expenses incidental to
the registration, offering and sale of the securities to the public other than
commissions, fees and discounts of underwriters, brokers, dealers and agents.
LEGAL MATTERS
The validity of the shares offered hereby will be passed upon for PMC
by Wilson Sonsini Goodrich & Rosati, Professional Corporation.
EXPERTS
The consolidated financial statements of PMC-Sierra, Inc. as of
December 31, 1999 and December 31, 1998, and for each of the three years in the
period ended December 31, 1999, have been audited by Deloitte & Touche LLP,
independent auditors as described in its report. The financial statements, as
described in the report, are incorporated by reference in this prospectus in
reliance on the authority of the firm as an expert in accounting and auditing.
<PAGE>
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.
The following table sets forth the expenses payable by the Registrant
in connection with the filing of this Registration Statement (1).
Securities and Exchange Commission Filing Fee $160,102.59
Printing and Engraving Expenses $10,000.00
Legal Fees and Expenses $15,000.00
Accounting Fees and Expenses -
Blue Sky Fees and Expenses -
Transfer Agent and Registration Fees $5,000.00
Miscellaneous expenses -
Total $190,102.59
(1) All of such expenses, other than the filing fee for the Commission and
additional listing fee for Nasdaq, are estimates and are subject to future
contingencies.
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
The Certificate of Incorporation of PMC eliminates the liability of
directors to PMC for monetary damages for breach of fiduciary duty as a director
to the fullest extent permissible under Delaware law, as such law exists
currently or as it may be amended in the future. Under Delaware law, such
provision may not eliminate or limit director monetary liability for: (a)
breaches of the director's duty of loyalty to PMC or its stockholders; (b) acts
or omissions not in good faith or involving intentional misconduct or knowing
violations of law; (c) the payment of unlawful dividends or unlawful stock
repurchases or redemptions; or (d) transactions in which the director received
an improper personal benefit. Such limitation of liability provisions also may
not limit a director's liability for violation of, or otherwise relieve PMC or
its directors from the necessity of complying with, federal or state securities
laws, or affect the availability of non-monetary remedies such as injunctive
relief or rescission.
PMC's Bylaws provide that PMC shall indemnify its directors and
officers and may indemnify its employees and other agents to the fullest extent
permitted by law. PMC believes that indemnification under its Bylaws covers at
least negligence and gross negligence on the part of indemnified parties. PMC's
Bylaws also permit PMC to secure insurance on behalf of any officer, director,
employee or other agent for any liability arising out of his or her actions in
such capacity, regardless of whether PMC would have the power to indemnify him
or her against such liability under the General Corporation Law of Delaware. PMC
currently has secured such insurance on behalf of its officers and directors.
PMC has entered into agreements to indemnify its directors and
officers, in addition to indemnification provided for in PMC's Bylaws. Subject
to certain conditions, these agreements, among other things, indemnify PMC's
directors and officers for certain expenses (including attorney's fees),
judgments, fines and settlement amounts incurred by any such person in any
action or proceeding, including any action by or in the right of PMC, arising
out of such person's services as a director or officer of PMC, any subsidiary of
PMC or any other company or enterprise to which the person provides services at
the request of PMC.
<PAGE>
ITEM 16. EXHIBITS
The following exhibits are filed as part of this Registration
Statement:
NUMBER EXHIBIT DESCRIPTION
- ------ -------------------
5.1 Opinion of Counsel as to the validity of the Shares.
23.1 Consent of Counsel (included in Exhibit 5.1 above).
23.2 Consent of Deloitte & Touche LLP.
ITEM 17. UNDERTAKINGS.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made,
a post-effective amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii) To reflect in the prospectus any facts or events arising
after the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in this Registration
Statement;
(iii) To include any material information with respect to the plan
of distribution not previously disclosed in this Registration Statement or any
material change to such information in this Registration Statement.
Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) above
do not apply if the information required to be included in a post-effective
amendment by these paragraphs is contained in periodic reports filed with or
furnished by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act
that are incorporated by reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered herein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of
this offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act that is incorporated by reference in this Registration Statement
shall be deemed to be a new registration statement relating to the securities
offered herein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.
<PAGE>
(c) Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the Commission such indemnification is
against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or
paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-3 and has duly caused this
registration statement or amendment thereto to be signed on its behalf by the
undersigned, thereunto duly authorized, in Burnaby, British Columbia, Canada, on
April 14, 2000.
PMC-SIERRA, INC.
By: /s/ ROBERT L. BAILEY
--------------------
Robert L. Bailey, Chief Executive Officer
(Principal Executive Officer)
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints Robert L. Bailey and John Sullivan,
jointly and severally, his attorneys-in-fact, each with the power of
substitution, for him in any and all capacities, to sign any amendments to this
Registration Statement on Form S-3, and to file the same, with exhibits thereto
and other documents in connection therewith, with the Securities and Exchange
Commission, hereby ratifying and confirming all that each of said
attorneys-in-fact, or his substitute or substitutes, may do or cause to be done
by virtue hereof.
Pursuant to the requirements of the Securities Act, this registration
statement has been signed by the following persons in the capacities and on the
dates indicated.
Signature Title Date
/s/ ROBERT L. BAILEY President, Chief Executive Officer April 14, 2000
- -------------------- (Principal Executive Officer) and
Robert L. Bailey Chairman of the Board of Directors
/s/ JOHN SULLIVAN Vice President, Finance (Principal April 12, 2000
- ----------------- Financial and Accounting Officer)
John Sullivan
/s/ ALEXANDRE BALKANSKI Director April 12, 2000
- -----------------------
Alexandre Balkanski
/s/ COLIN BEAUMONT Director April 12, 2000
- ------------------
Colin Beaumont
/s/ JAMES V. DILLER Director April 11, 2000
- -------------------
James V. Diller
/s/ FRANK J. MARSHALL Director April 12, 2000
- ---------------------
Frank J. Marshall
<PAGE>
EXHIBIT INDEX
NUMBER EXHIBIT DESCRIPTION
- ------ -------------------
5.1 Opinion of Counsel as to the validity of the Shares.
23.2 Consent of Deloitte & Touche LLP
650 PAGE MILL ROAD
PALO ALTO, CALIFORNIA 94304-1050
TELEPHONE 650-493-9300 FACSIMILE 650-493-6811
April 18, 2000
PMC-Sierra, Inc.
105-8555 Baxter Place
Burnaby, British Columbia
Canada V5A 4V7
Re: Registration Statement on Form S-3
Ladies and Gentlemen:
This opinion is given in connection with the Registration Statement on
Form S-3 under the Securities Act of 1933 relating to the sale by the persons
named therein to the public of up to 4,794,065 shares of your Common Stock,
$0.001 par value per share ("Shares").
We are of the opinion that the issuance of the shares has been duly
authorized by your Board of Directors, and the shares are validly issued, fully
paid and nonassessable.
We hereby consent to the filing of the opinion as an exhibit to the
Registration Statement and further consent to the use of our name wherever
appearing in the Registration Statement.
Sincerely,
/s/WILSON SONSINI GOODRICH & ROSATI
WILSON SONSINI GOODRICH & ROSATI
Professional Corporation
CONSENT OF DELOITTE & TOUCHE LLP, INDEPENDENT AUDITORS
We consent to the reference to our firm under the caption "Experts" in
the Registration Statement (Form S-3), and related prospectus of PMC-Sierra,
Inc. for the registration of up to 4,794,065 shares of its common stock and to
the incorporation by reference therein of our report dated January 17, 2000,
with respect to the consolidated financial statements and schedule of
PMC-Sierra, Inc. included in its Annual Report (Form 10-K) for the year ended
December 26, 1999, as amended, filed with the Securities and Exchange
Commission.
/s/DELOITTE & TOUCHE LLP
Vancouver, British Columbia, Canada
April 14, 2000
