US Chip Company Discloses Possible Export Control Violation
Everspin Technologies, a semiconductor firm based in Arizona, disclosed to the Bureau of Industry and Security that it may have violated U.S. export controls.
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
Everspin -- a designer, maker and shipper of “discrete and embedded Magnetoresistive” random access memory (MRAM) -- said it “inadvertently provided products and services to some customers in apparent violation” of U.S. export controls. The company submitted an initial notification of voluntary self-disclosure to BIS in October, Everspin said in an SEC filing last week.
The firm said it takes “precautions to protect against our products being exported or used in violation of law,” but could face penalties if BIS determines it violated export restrictions.
“If we are found to be in violation of U.S. sanctions or export control regulations, it can result in significant fines or penalties and possible incarceration for responsible employees and managers, as well as reputational harm and loss of business,” it said.
Everspin calls itself the "worldwide leader" in designing, manufacturing and commercially shipping MRAM "into markets and applications where data persistence and integrity, low latency, and security are paramount," according to its website.
BIS didn't respond to a request for comment.