FREMONT,
Calif., Aug. 22, 2024 /PRNewswire/ -- Socket
Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and
delivery solutions for enhanced productivity, today announced
completion of a net secured subordinated convertible note financing
of $1,000,000. The proceeds will be
used to increase the Company's working capital balances.
The notes have a three-year term and will mature on August 21, 2027. The interest rate on the notes
is 10%, payable quarterly in cash. The holder of each note may
require the Company to repay the principal amount of the note plus
accrued interest at any time after August
21, 2025. The notes are secured by the assets of the Company
and are subordinated to the Company's debts with Western Alliance
Bank, its senior lender. The principal amount of each note is
convertible at any time, at the option of the holder, into shares
of the Company's common stock at a conversion price of $0.9515 per share, the closing price of the
common stock on the Nasdaq Capital Market on August 21, 2024, and the most recent closing
price as of the closing of the financing.
Investors in the financing include Charlie Bass, Chairman of the Company's Board of
Directors (the "Board"); Bill
Parnell, the Company's Board director; Enrico Mills, the adult son of Kevin Mills, the Company's CEO and a Board
director; Jason Wu, the Company's
Controller; Eric Glaenzer, the
Company's CTO. Additional details of the financing are set forth in
a Form 8-K to be filed by the Company with the SEC.
About Socket Mobile:
Socket Mobile is a leading provider of data capture and delivery
solutions for enhanced productivity in workforce mobilization.
Socket Mobile's revenue is primarily driven by the deployment of
third-party barcode-enabled mobile applications that integrate
Socket Mobile's cordless barcode scanners and contactless
readers/writers. Mobile Applications servicing the specialty
retailer, field service, digital ID, transportation, and
manufacturing markets are the primary revenue drivers. Socket
Mobile has a network of thousands of developers who use its
software developer tools to add sophisticated data capture to their
mobile applications. Socket Mobile is headquartered in Fremont, Calif. and can be reached at
+1-510-933-3000 or www.socketmobile.com. Follow Socket Mobile on
LinkedIn, Twitter, and keep up with our latest News and
Updates.
Socket Investor Contact:
Lynn
Zhao
Chief Financial Officer
510-933-3016
lynn@socketmobile.com
Media Contact: David
Holmes, David.holmes@socketmobile.com
Socket is a registered trademark of Socket Mobile. All other
trademarks and trade names contained herein may be those of their
respective owners.
© 2024, Socket Mobile, Inc. All rights reserved.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/socket-mobile-strengthens-balance-sheet-with-a-secured-subordinated-convertible-note-financing-of-1-0-million-302228139.html
SOURCE Socket Mobile, Inc.