SOCKET MOBILE, INC. (SCKT): debt financing — Socket Mobile completes $1.6M secured convertible note financing with 10% interest, convertible at $1.34/share

SOCKET MOBILE, INC.

$1.6M secured subordinated convertible notes, 10% interest payable quarterly in cash, maturing May 26, 2026.
Notes convertible at $1.34/share into common stock; holders may demand repayment after May 26, 2024.
Proceeds used to increase working capital; notes secured by assets and subordinated to Western Alliance Bank debt.
Default includes missed principal/interest payments with 5-day grace; company to file resale registration by Aug 31, 2023.
Insiders (Chairman Charlie Bass, CEO Kevin Mills, director Bill Parnell) participated; special committee approved.

item 1.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SOCKET MOBILE, INC. incurred convertible notes of $1,600,000 at 10% per year maturing May 26, 2026.

Instrument: convertible notes
Principal: $1,600,000
Rate: 10% per year
Maturity: May 26, 2026
Event: incurrence

Exact text from the filing

On May 26, 2023, Socket Mobile, Inc. (the “Company”) completed a secured subordinated convertible note financing of $1,600,000

View on SEC.gov

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

SOCKET MOBILE, INC. entered into Notes with Charlie Bass, Kevin Mills, Bill Parnell valued at $1,600,000 (effective 2023-05-26).

Action: entry
Agreement: notes offering
Counterparty: Charlie Bass, Kevin Mills, Bill Parnell
Value: $1,600,000
Effective: 2023-05-26

Exact text from the filing

On May 26, 2023, Socket Mobile, Inc. (the “Company”) completed a secured subordinated convertible note financing of $1,600,000 (the “Financing”).

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114 debt financings filed in the last 30 days. Browse all debt financings →

SOCKET MOBILE, INC. filing history →

Source: SEC EDGAR

accession 0000944075-23-000035

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