Socket Mobile closes $1M secured convertible note; 10% interest, 3-yr term

SOCKET MOBILE, INC.

$1M secured subordinated convertible note closed August 21, 2024, matures August 21, 2027.
Interest rate 10% per annum payable quarterly in cash; convertible at $0.9515 per share.
Proceeds used to increase working capital; notes subordinated to Western Alliance Bank debt.
Related-party investors include Chairman Charlie Bass, director Bill Parnell, CEO's son Enrico Mills, Controller Jason Wu, CTO Eric Glaenzer.
Holders may require repayment of principal plus interest after August 21, 2025; secured by company assets.

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