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Related Party Transactions | 3 Months Ended
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Feb. 29, 2024
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS: The Company has a business relationship with MiTAC Holdings Corporation (“MiTAC Holdings”), a publicly-traded company in Taiwan, which began in 1992 when MiTAC Holdings became one of the Company's primary investors through its affiliates. As of February 29, 2024 and November 30, 2023, MiTAC Holdings and its affiliates beneficially owned approximately 9.5% and 9.3% of the Company’s outstanding common stock, respectively. Mr. Matthew Miau, who served as Chairman Emeritus of the Company’s Board of Directors and a director until his retirement from the Board effective as of March 20, 2024, is the Chairman of MiTAC Holdings and a director or officer of MiTAC Holdings’ affiliates. Also effective as of March 20, 2024, the Company appointed Mr. Ting Herh to serve on the Board as a director. Mr. Herh also serves as an independent director on the board of MiTAC Holdings, a position he has held since May 2022. Beneficial Ownership of the Company’s Common Stock by MiTAC Holdings As noted above, MiTAC Holdings and its affiliates in the aggregate beneficially owned approximately 9.5% of the Company’s outstanding common stock as of February 29, 2024. These shares are owned by the following entities:
(shares in thousands) | As of February 29, 2024
MiTAC Holdings(1) | 4,770 |
Synnex Technology International Corp.(2) | 3,474 |
Total | 8,244 |
_________________________ (1) Shares are held as follows: 302 thousand shares by Silver Star Developments Ltd. and 2,065 thousand shares by MiTAC International Corp., both of which are wholly-owned subsidiaries of MiTAC Holdings, along with 2,403 thousand shares held directly by MiTAC Holdings. Excludes 146 thousand shares held directly by Mr. Miau, 217 thousand shares indirectly held by Mr. Miau through a charitable remainder trust, and 190 thousand shares held by his spouse. (2) Synnex Technology International Corp. (“Synnex Technology International”) is a separate entity from the Company and is a publicly-traded corporation in Taiwan. Shares are held via Peer Development Ltd., a wholly-owned subsidiary of Synnex Technology International. MiTAC Holdings owns a noncontrolling interest of 14.1% in MiTAC Incorporated, a privately-held Taiwanese company, which in turn holds a noncontrolling interest of 15.7% in Synnex Technology International. Neither MiTAC Holdings nor Mr. Miau is affiliated with any person(s), entity, or entities that hold a majority interest in MiTAC Incorporated. The following table presents the Company's transactions with MiTAC Holdings and its affiliates for the periods indicated:
| Three Months Ended |  |
| February 29, 2024 |  | February 28, 2023 |  |  |  |
| (currency in thousands) |  |
Purchases of inventories and services | $ | 56,130 |  |  | $ | 40,443 |  |  |  |  |
Sale of products to MiTAC Holdings and affiliates | 8,380 |  |  | 3,748 |  |  |  |  |
Payments made for rent and overhead costs for use of facilities of MiTAC Holdings and affiliates, net | 212 |  |  | 307 |  |  |  |  |
The following table presents the Company’s receivable from and payable to MiTAC Holdings and its affiliates for the periods presented:
| As of
| February 29, 2024 |  | November 30, 2023
| (currency in thousands)
Receivable from related parties (included in Accounts receivable, net) | $ | 6,782 |  |  | $ | 4,330 |
Payable to related parties (included in Accounts payable) | 28,017 |  |  | 16,538 |

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