<SEC-DOCUMENT>0000950123-25-003336.txt : 20250911
<SEC-HEADER>0000950123-25-003336.hdr.sgml : 20250911
<ACCEPTANCE-DATETIME>20250404172312
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-25-003336
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250404

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ambiq Micro, Inc.
		CENTRAL INDEX KEY:			0001500412
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				271911389
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		6500 RIVER PLACE BOULEVARD
		STREET 2:		BUILDING 7, SUITE 200
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78730
		BUSINESS PHONE:		(512) 879-2850

	MAIL ADDRESS:	
		STREET 1:		6500 RIVER PLACE BOULEVARD
		STREET 2:		BUILDING 7, SUITE 200
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78730
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Christina T. Roupas </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">T:<I>
</I>+1 312 881 6670 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">croupas@cooley.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;4, 2025
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of
Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street,
N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Jay Ingram</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sarah Sidwell</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Kevin Stertzel</TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Kevin Woody</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Ambiq Micro, Inc.</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT></B></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>Submitted February&nbsp;13, 2025</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><B>CIK No.&nbsp;0001500412</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
behalf of Ambiq Micro, Inc. (the &#147;<B><I>Company</I></B>&#148;), the following information is provided in response to comments received from the staff (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the
&#147;<B><I>Commission</I></B>&#148;) by letter dated March&nbsp;10, 2025 (the &#147;<B><I>Comment Letter</I></B>&#148;) with respect to the Company&#146;s Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> submitted to
the Commission on February&nbsp;13, 2025 (the &#147;<B><I>DRS</I></B>&#148;) relating to the Company&#146;s initial public offering (the &#147;<B><I>Offering</I></B>&#148;). Concurrently with the submission of this response letter, the Company is
submitting Amendment No.&nbsp;3 to the DRS (&#147;<B><I>DRS Amendment No.</I></B><B><I></I></B><B><I>&nbsp;3</I></B>&#148;). In addition to addressing the comments raised by the Staff in its Comment Letter, the Company has included other revisions
and updates to its disclosure in DRS Amendment No.&nbsp;3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the convenience of the Staff, the numbering of each paragraph below corresponds to the
numbering of the comment in the Comment Letter, the text of which we have incorporated into this response letter in italicized type and which is followed by the Company&#146;s response. In the responses below, page number references are to DRS
Amendment No.&nbsp;3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> Submitted February&nbsp;13, 2025
</U></I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Business, page 79 </U></I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note disclosure regarding the importance of artificial intelligence (AI) to your business. Please revise
your business section to more fully discuss the current state of AI and the potential obstacles to broad-based AI adoption. In addition, more fully discuss the current state of AI regulation within the United States and your other markets. Please
also update your risk factor section as applicable. </I></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>In response to the Staff&#146;s comment, the
Company has revised the disclosure on pages 2, 25, 26, 27, 79 and 92 of DRS Amendment No.&nbsp;3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP 110 N. Wacker Drive Suite
4200 Chicago, IL 60606 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: +1 312 881 6500 f: +1 312 881 6598 cooley.com </P>
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</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April 4,
2025</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Page Two</P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Overview, page 79 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your statement here and elsewhere that you are a &#147;leading provider of ultralow-power
semiconductor solutions&#148;. Please disclose the basis for such statement. Clarify the criteria on which you based this statement, such as revenue or market share. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The Company respectfully advises the Staff that it has based the statement that it is a leading provider of <FONT
STYLE="white-space:nowrap">ultra-low</FONT> power semiconductor solutions on the Company&#146;s leadership in the technical specifications of its products in their respective categories. To the Company&#146;s knowledge, its <FONT
STYLE="white-space:nowrap">ultra-low</FONT> power MCU and wireless SoC products deliver the lowest power consumption in their category. For example, when the Company compares its Apollo3 wireless SoC product line against similar products from
leading MCU vendors, the Company&#146;s products have been shown to consume <FONT STYLE="white-space:nowrap">2.4-4.5</FONT> times less power for compute-intensive operations. The Company has observed a comparable power consumption advantage for
other Ambiq products (e.g., Apollo4 and Apollo5) over similar products from other large vendors. The Company has developed and maintained this technical leadership over the more than 270&nbsp;million chips shipped since its founding. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, the Company has revised the disclosure on pages 1 and 78 of DRS Amendment No.&nbsp;3. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Employees, page 94 </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your disclosure that you have employees located in the US, China, Taiwan and Singapore. Please
clarify specifically your distribution of your employees by location. Please refer to our prior comment 6 in our June&nbsp;21, 2022 letter. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>In response to the Staff&#146;s comment, the Company revised the disclosure on page 94 of DRS Amendment No.&nbsp;3 under
&#147;Employees&#148; to specifically disclose the distribution of its employees by location. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Principal Stockholders, page 120 </U></I></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note the inclusion of Scott Goodwin as the Chief Financial Officer on page 95. Please advise as to why
Scott Goodwin was excluded from the list of Named Executive Officers within the table of Principal Stockholders. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The Company respectfully advises the Staff that Mr.&nbsp;Goodwin does not qualify as a &#147;named executive officer&#148;
under the definition set forth in Item 402 of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> As an emerging growth company and a smaller reporting company, the Company&#146;s named executive officers are the Company&#146;s principal
executive officer and the next two most highly paid executive officers as of the end of the most recently completed fiscal year, based on total compensation determined under Rule 402 of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> As
disclosed in the &#147;Executive Compensation&#148; section of DRS Amendment No.&nbsp;3, the Company&#146;s named executive officers for the fiscal year ended December&nbsp;31, 2024 are Fumihide Esaka, Sean Chen and Scott Hanson, based on total
compensation for the year ended December&nbsp;31, 2024, determined pursuant to Rule 402 of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> The Company notes that Mr.&nbsp;Goodwin&#146;s beneficial ownership is reflected in the &#147;all
directors and executive officers as a group&#148; line of the principal stockholders table in accordance with Item 403(b) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP 110 N. Wacker
Drive Suite 4200 Chicago, IL 60606 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">t: +1 312 881 6500 f: +1 312 881 6598 cooley.com </P>

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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">April&nbsp;4, 2025</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Page Three</P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Exhibits </U></I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please file the material contracts required by Item 601(b)(10) of Regulation
<FONT STYLE="white-space:nowrap">S-K</FONT> as exhibits to your registration statement. For example, we note references to advisor agreements with Ms.&nbsp;Stevenson and Mr.&nbsp;Hill. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Response: </B>The Company respectfully advises the Staff that it has filed, or will file by amendment, the material contracts required by
Item 601(b)(10) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> With respect to the advisor agreements with Ms.&nbsp;Stevenson and Mr.&nbsp;Hill, the Company respectfully submits that such agreements are not material contracts under Item
601(b)(10) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> Item 601(b)(10)(iii)(A) generally requires to be filed &#147;any management contract or equity compensation plan &#133; in which any director or any of the named executive
officers &#133; participates.&#148; However, the advisor agreements with Ms.&nbsp;Stevenson and Mr.&nbsp;Hill referenced were not entered into with such individuals at the time they served as directors or executive officers, but rather in connection
with their respective resignations from the Company&#146;s board, and therefore the Company respectfully submits that such advisor agreements do not constitute material contracts under Item 601(b)(10)(iii)(A). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please contact me at (312) <FONT STYLE="white-space:nowrap">881-6670</FONT> with any questions or further comments regarding our responses to the Staff&#146;s
comments. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sincerely</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>/s/ Christina T. Roupas</U></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Christina T. Roupas</P></TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fumihide Esaka, <I>Ambiq Micro, Inc.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Courtney M.W. Tygesson, <I>Cooley LLP</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Michael Platt, <I>Cooley LLP</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Grady Chang, <I>Cooley LLP</I> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Cooley LLP 110 N. Wacker
Drive Suite 4200 Chicago, IL 60606 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">jt: +1 312 881 6500 f: +1 312 881 6598 cooley.com </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
