<SEC-DOCUMENT>0000724910-23-000007.txt : 20230620
<SEC-HEADER>0000724910-23-000007.hdr.sgml : 20230620
<ACCEPTANCE-DATETIME>20230620163401
ACCESSION NUMBER:		0000724910-23-000007
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20230620
DATE AS OF CHANGE:		20230620

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NVE CORP /NEW/
		CENTRAL INDEX KEY:			0000724910
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				411424202
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12196
		FILM NUMBER:		231025694

	BUSINESS ADDRESS:	
		STREET 1:		11409 VALLEY VIEW ROAD
		CITY:			EDEN PRAIRIE
		STATE:			MN
		ZIP:			55344
		BUSINESS PHONE:		9528299217

	MAIL ADDRESS:	
		STREET 1:		11409 VALLEY VIEW ROAD
		CITY:			EDEN PRAIRIE
		STATE:			MN
		ZIP:			55344

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PREMIS CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>NVE_2023_Letter.htm
<DESCRIPTION>2023 LETTER TO SHAREHOLDERS
<TEXT>
<html>
<font style="font-size: 10pt; font-family: Times New Roman;">&nbsp;<br></font>
<hr style="margin-top: -5px; color: black;" noshade size="3">
<hr style="margin-top: -14px; color: black;" noshade size="1">
<div align="center"><font style="font-size: 5pt; font-family: Times New Roman;">&nbsp;<br></font>
<b><font face="Times New Roman" style="font-size:12pt;">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
</font></b><font style="font-size: 10pt; font-family: Times New Roman;"><b>Washington,
D.C.&nbsp;&nbsp;20549<br>
</b></font><font style="font-size: 10pt; font-family: Times New Roman; line-height: 5pt;">_______________</font></div>
<p align="center"><b><font size="5" face="Times New Roman" style="font-size:12pt;">SCHEDULE
14A INFORMATION</font></b></p>
<div align="center"><font face="Times New Roman" style="font-size:10pt;"> Proxy
Statement Pursuant to Section&nbsp;14(a)&nbsp;of the Securities Exchange Act of
1934<br>
(Amendment No.&nbsp;&nbsp;&nbsp;)<br>
</font></div>
<font face="Times New Roman" style="font-size:10pt;">Filed by the Registrant&nbsp;&nbsp;&#x2611;<br>
<div align="CENTER"></div>
Filed by a party other than the Registrant&nbsp;&nbsp;&#x2610;<br>
&nbsp; <br>
Check the appropriate box:</font>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="18">&#x2610;</td>
<td>Preliminary Proxy Statement</td>
</tr>
<tr>
<td>&#x2610;</td>
<td>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</td>
</tr>
<tr>
<td>&#x2610;</td>
<td>Definitive Proxy Statement</td>
</tr>
<tr>
<td>&#x2611;</td>
<td>Definitive Additional Materials</td>
</tr>
<tr>
<td>&#x2610;</td>
<td>Soliciting Material under &sect; 240.14a-12</td>
</tr>
</table>
<b><font face="Times New Roman" style="font-size:10pt;font-weight:bold;">&nbsp;</font></b>
<div align="center"><img src="nve-logo.gif" width="276" height="54" alt="NVE Logo"><font style="display: inline; font-size: 26pt; font-family: Arial;"><b><br>
NVE Corporation</b><br>
</font><font face="Times New Roman" style="font-size:10pt;">(Name of Registrant
as Specified In Its Charter)<br>
&nbsp;<br>
&nbsp;<br>
(Name of Person(s)&nbsp;Filing Proxy Statement, if other than the Registrant)<br>
&nbsp;<br>
</font></div>
<table style="font-size: 10pt; font-family: Times New Roman;" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="top">Payment of Filing Fee (Check all boxes that apply):</td>
</tr>
<tr>
<td width="18" valign="top">&#x2611;</td>
<td colspan="2" valign="top">No fee required.</td>
</tr>
<tr>
<td valign="top">&nbsp;</td>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
<td valign="top">&#x2610;</td>
<td colspan="2" valign="top">Fee paid previously with preliminary materials.</td>
</tr>
<tr>
<td valign="top">&nbsp;</td>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
<td valign="top">&#x2610;</td>
<td colspan="2" valign="top"> Fee computed on table in exhibit required by Item
25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</td>
</tr>
<tr>
<td valign="top">&nbsp;</td>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
<td valign="top">&nbsp;</td>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
<td valign="top">&nbsp;</td>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
<td valign="top">&nbsp;</td>
<td colspan="2" valign="top">&nbsp;</td>
</tr>
</table><hr style="margin-top: -5px; color: black;" noshade size="1">
<hr style="margin-top: -15px; color: black;" noshade size="3">
<div style="page-break-after: always;"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font><br>
</div>
<hr color="#0046AD" noshade>
<table width="100%" border="0" cellspacing="00" cellpadding="0">
<tr>
<td><img src="sml-logo.gif" width="126" height="35" alt="Small NVE logo"></td>
<td>
<div align="right"><font face="Arial, Helvetica" style="font-size:8pt;">11409 Valley View Road<br>Eden Prairie, MN 55344-3617
<br>www.nve.com</font></div></td></tr></table>
<hr color="#0046AD" noshade>
<font style="font-size: 10pt" face="Arial, Helvetica, sans-serif">&nbsp;<br>
<b><img src="net-inc.gif" width="210" height="210" align="right" alt="Net Income Chart">Fellow
Shareholders,</b></font><font style="font-size: 10pt" font-family: Times New Roman;"><br>
&nbsp;<br>
<b>Strong Growth</b><br>
As the chart at right shows, we reported a 56% increase in net income for the
past year, driven by a 44% increase in product sales. This was our second consecutive
year of record profits despite semiconductor supply-chain challenges.<br>
&nbsp;<br>
<b>Robust Product Development</b><br>
Our products acquire and transmit information and power. They enable next-generation
factory automation and safer, more effective medical devices. Product introductions
in the past year included:<br>
</font>
<table style="font-size: 10pt; font-family: Times New Roman" border="0" cellspacing="00" cellpadding="0">
<tr>
<td width="18">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td width="1" valign="top">&#149;&nbsp;&nbsp;</td>
<td>New ultraminiature DC-to-DC convertors, which facilitate connections between
systems.<br>
&nbsp;</td>
</tr>
</table>
<table style="font-size: 10pt; font-family: Times New Roman" border="0" cellspacing="00" cellpadding="0">
<tr>
<td width="18">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td valign="top">&#149;&nbsp;&nbsp;</td>
<td>Ultraminiature and ultrahigh-sensitivity magnetic sensors for precise motion
control.<br>
&nbsp;</td>
</tr>
</table>
<table style="font-size: 10pt; font-family: Times New Roman" border="0" cellspacing="00" cellpadding="0">
<tr>
<td width="18">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td valign="top">&#149;&nbsp;&nbsp;</td>
<td>More combination
products that transmit power as well as data.</td>
</tr>
</table>
<font style="font-size: 10pt" font-family: Times New Roman;">&nbsp;<br>
Please visit our website or YouTube channel for more information and demonstrations
of these unique products. In addition to new products, our Advanced Technology
team continued programs to enable remarkable next-generation products and platforms.<br>
&nbsp;<br>
<b>New and Existing Customers </b><br>
Industry shortages presented threats, but also opportunities. We addressed threats
to our supply chain with the cooperation of our suppliers and the dedication and
ingenuity of our employees. We took advantage of the opportunities by leveraging
the advantages of manufacturing in the United States and earning the business
of new customers facing shortages of conventional semiconductors.<br>
&nbsp;<br>
Top medical device suppliers, such as Abbott&#146;s Pacesetter subsidiary, rely
on our products for their life-changing devices. This year we extended our Supplier
Partnering Agreement with Abbott.<br>
&nbsp;<br>
In-person tradeshows resumed in the past year, and we teamed with our distributors
at several international shows in the past several months. We will exhibit under
our own banner at Sensors Converge starting June 27 in Santa Clara, Calif. <br>
&nbsp;<br>
<b>Supporting Our Growth</b><br>
We added employees in the past year to support our growth. Capital expenditures
were $936,000 in fiscal 2023, the most in a decade. The investments were primarily
for equipment, to increase our production capacity and alleviate potential bottlenecks.<br>
&nbsp;<br>
<b>Enhancing Shareholder Value</b> <br>
We continued to pay generous dividends to enhance your shareholder value. With
our growth the past year, earnings more than covered our dividends for the first
time. We strengthened our balance sheet and increased your shareholders' equity,
even while returning $19.3 million in dividends in the past fiscal year. <br>
&nbsp;<br>
<b>A Bright Future</b><br>
In-demand products, investments in new products, increased capacity, and fast-growing
markets set the stage for continued growth. Thank you for your support. <br>
&nbsp;<br>
Sincerely,<br>
&nbsp;<br>
<img src="dab-sig.gif" alt="-s- Daniel A. Baker" width="115" height="36" border="0"><br>
Daniel A. Baker<br>
President and Chief Executive Officer<br>
&nbsp;<br>
<i><b>Statements in this letter that relate to future plans, events, or performance
are forward-looking statements that are subject to certain risks and uncertainties
including the risk factors listed from time to time in our filings with the SEC,
including our Annual Report on Form 10-K and other reports filed with the SEC.
Actual results could differ materially from the information provided, and we undertake
no obligation to update forward-looking statements.</b></i></font> </html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>nve-logo.gif
<DESCRIPTION>NVE LOGO
<TEXT>
begin 644 nve-logo.gif
M1TE&.#EA% $V +,   !&K0DW>0<C3$!.8GAY>O___^+BXK2TM
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MU_)%,+*=NCKJ)0UAF'57%7FR*J/NBF^\WLZ/K&KJ\K?1?<FQJM(7'2>Z\>A
M6Z^^U0$_=_9@A?J,2]0S^5?G[KV)=W.\!X[1Z>$OZ23KAVSY.J+<@R6\);7?
<W_[PN0-QO@E!Z%WBFM(PQNEH$ 9,H %1$P$ .P$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>sml-logo.gif
<DESCRIPTION>SMALL NVE LOGO
<TEXT>
begin 644 sml-logo.gif
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MP0.=J_S+O#OSO42O_B=^+=4H3XJEB1(W[;T]<\(#"NH6Z)4[_>1WMR?^&=>
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<A2=TP-80,)$81NB #PPX80-&",/][+ \ 0$ .P$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>net-inc.gif
<DESCRIPTION>NET INCOME CHART
<TEXT>
begin 644 net-inc.gif
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MM:O7IQ5X]B1((8%9D!0("!#P02"%  $.*,1  (*%IE_SZMW+MZ_?JF''$C2
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M1';W(Y A"4E@D45>X.234$8I99022(#5D4@FI*2,3'IXP0 $A"GFF&26*:8
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MV&27;79+06>MP-:/RB0!T@DKB28!<-5M]]UXYZWWWOY\]^WWWX#7C;7:[P[
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M?<9^_T>!S':!!9.!6K&!'=.!TE(!^.<^B =KUP1C38<B!% !#A!.*<AH!0,
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MBX?S:?'OMS_L9"'EO-_[,!23=2)2^/9:X[3Z)\\Z_Z'\I5\=&,002%%#*7D
M)'H8;>'J;>%$$[7ZM \0 2APF/!AP@$.& AP8-B08(2&!@8ZI%C1XD6,&35N
MY-CQHH<( 11XX/!! ( !'C  2'!@  4"!SXT_+! 9 0%!#PL (!A@D"3!VQ.
M\# @  $,'!((6!"39$(#(S\D2$A   8*!5I*%)" 9$@!$3PD0!HR*<.6$2)T
,8(BAZTR/<2D&!  [

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>dab-sig.gif
<DESCRIPTION>DANIEL A. BAKER SIGNATURE
<TEXT>
begin 644 dab-sig.gif
M1TE&.#EA<P D +,   $! 0L+"Q<7%R<G)S<W-T]/3V=G9W=W=X>'AYB8F*^O
MK\?'Q]W=W?#P\/____O[^RP     <P D   (_@ ="!Q(L*!!@0P4(%B8H,'!
MAQ C2IQ(L:+%@@T2% @ 0 "! @0 !&!PL:3)DR@E-C@@ $"!!"0',A!@(.5
MAS8?,C 0,Z?%E0$$'.A9$&1. P1\&FS0<H%2B@T0!""@X$'$ @)L,N@H,<$
M!1<+  ! %"*#!"D?)!#PU6K$!@%JICP ("G$!6,%X)R(=ZQ;B5)1,B @(,$#
M! 4D&B";DJE+B(['.IWXX&.! 17%[K6(P*7#K6 A*@ @%^5B  @@+@X)8'+7
MU@,.4'S \2]4L0C<)@A@N^#, 9M+XN7HNB!> G1;\YV*M_A= G8K,A@@H'B!
MQ \;$ C@_&*# =!Y_A^LW!HZXX@S6QO 3-&  NP4%P@00)1!@- &'XC%?]+
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<DM?FH\NGO 67* 'F4XP5-U\:\Y@IX=<# @( .P$!

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