secwatch.observer — SEC 8-K summary
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Issuer:     SOCKET MOBILE, INC. (SCKT)
CIK:        0000944075
Form:       8-K
Filed at:   2024-08-22T23:59:59+00:00
Accession:  0000944075-24-000060
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/944075/000094407524000060/0000944075-24-000060-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/944075/000094407524000060/form-8k0822.htm
  HTML page:      https://secwatch.observer/filing/0000944075-24-000060

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