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NEW YORK - Shares of chip developer Transmeta Corp., which once tried to take on Intel Corp. with its own power-thrifty chips, were up strongly in premarket trading Thursday after it announced that a licensing payment from Intel would come earlier.
Shares of the Santa Clara, Calif.-based company were at $16.75 in premarket trading, up $3.25, or 24 percent.
Transmeta said late Wednesday that Intel will pay it $91.5 million before the end of Transmeta's current fiscal quarter, which ends Sept. 30.
The payment is partly the result of a speeding up of Intel's payment obligations under a previous deal. In October last year, Intel agreed to pay Transmeta $150 million plus $20 million annually for five years in exchange for the right to use Transmeta's technology.
On Wednesday, Transmeta also announced a further licensing agreement under which it will give Intel certain computing technologies for non-exclusive commercial use.
Also Wednesday, Transmeta said had begun the process of looking for a buyer, months after hiring an adviser to mull strategic options.
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