Socket Mobile extends maturity of $1.53M convertible notes by one year to August 2024

SOCKET MOBILE, INC.

Maturity date extended from August 30, 2023 to August 30, 2024.
All other terms and conditions of the notes remain unchanged.
Related-party noteholders include Chairman Charlie Bass, CEO Kevin Mills, CFO Lynn Zhao, and employee Flora Chu.
Special committee of disinterested directors approved the extension.
Outstanding principal amount is $1,530,000 from August 2020 financing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SOCKET MOBILE, INC. amended Secured Subordinated Convertible Note Extension Agreement with holders of the outstanding notes valued at Extension of $1,530,000 secured subordinated convertible notes (effective 2022-11-16).

Action: amendment
Agreement: notes offering
Counterparty: holders of the outstanding notes
Value: Extension of $1,530,000 secured subordinated convertible notes
Effective: 2022-11-16

Exact text from the filing

As previously disclosed in a Current Report on Form 8-K filed on September 1, 2020, Socket Mobile, Inc. (the “Company”) completed a secured subordinated convertible note financing of $1,530,000 on August 31, 2020. On November 16, 2022, the Company and the requisite holders of the outstanding notes entered into a Secured Subordinated Convertible Note Extension Agreement (the “Extension Agreement”), extending the maturity date of the notes from August 30, 2023 to August 30, 2024.

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Source: SEC EDGAR

accession 0000944075-22-000068

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