On July 2, SiTime Corp fell 5.09% in regular trading, trading at 669.45 USD/share, with turnover of $64.33 million. The decline marks a second consecutive session of selling pressure following the formal closing of a major acquisition.

On July 1, SiTime officially completed the acquisition of certain assets related to Renesas Electronics' timing business for $1.5 billion in cash and approximately 4.13 million shares of common stock. The acquired business, which includes Renesas' clocking brand, is estimated to generate at least $300 million in revenue within one year post-closing. SiTime expects the deal to accelerate its path toward $1 billion in total revenue. The company also disclosed a credit agreement with Wells Fargo providing a $200 million senior secured revolving credit facility with a $10 million letter of credit sub-facility, supplementing the $900 million bridge loan previously secured to fund the cash portion.

The acquisition had been widely anticipated since initial talks were confirmed in early February, and the stock had rallied leading into the close. The formal completion triggered a classic sell-the-news pattern, with shares reversing sharply from intraday highs on July 1 and continuing lower on July 2.

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