SCKT - Socket Mobile gets secured note financing worth $1.6M

2023-05-30 06:39:44 ET

Data capture and delivery solutions provider, Socket Mobile ( SCKT ) gets a secured subordinated convertible note financing of $1.6M.

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 proceeds will be used to increase the company's working capital balances.

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.

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