FREMONT,
Calif., May 30, 2023 /PRNewswire/ -- Socket
Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and
delivery solutions for enhanced productivity, today announced
completion of a secured subordinated convertible note financing of
$1,600,000. The proceeds will be used
to increase the Company's working capital balances.
The notes have a three-year term and will mature on May 26, 2026. 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 May 26,
2024. 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 $1.34 per share, the closing price of the common
stock on the Nasdaq Capital Market on May
26, 2023, 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, Kevin Mills, the
Company's CEO and a director, and Bill
Parnell, the Company's Board director. 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 reader/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
|
Socket is a registered trademark of Socket Mobile. All other
trademarks and trade names contained herein may be those of their
respective owners.
© 2023, Socket Mobile, Inc. All rights reserved.
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SOURCE Socket Mobile, Inc.