SiliconBeat

The seventh anniversary of 9/11 may have been particularly hard for the folks at NeoMagic, the Santa Clara maker of applications processors for handheld computing devices. That was the day the executive management notified employees that 23 of them, or a quarter of the staff, would be terminated, according to an SEC filing the company made late Wednesday. Among those being let go are two executive officers, including Deepraj Puar, its vice president for operations.

NeoMagic expects to complete the layoffs by Oct. 31 and anticipates the moves will cost between $290,000 to $310,000 in one-time termination benefits and payment of accrued vacation. That adds up to 13.6 percent of its cash on hand as of the end of July.