secwatch.observer — SEC 8-K summary
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Issuer:     SOCKET MOBILE, INC. (SCKT)
CIK:        0000944075
Form:       8-K
Filed at:   2023-05-30T23:59:59+00:00
Accession:  0000944075-23-000035
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Socket Mobile completes $1.6M secured convertible note financing with 10% interest, convertible at $1.34/share
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- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/944075/000094407523000035/0000944075-23-000035-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/944075/000094407523000035/form-8k0526.htm
  HTML page:      https://secwatch.observer/filing/0000944075-23-000035

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer