Smith Micro raises $18M via $15M convertible notes and $3M registered direct offering

SMITH MICRO SOFTWARE, INC.

Issued $15M senior secured convertible notes with conversion price of $3.35/share (20% premium to 15-day VWAP) and warrants for 2.2M shares at $3.35.
Concurrent registered direct offering of 1.13M shares plus warrants at $2.65/share for $3M gross proceeds; expected close August 12, 2022.
Terminated existing $7M Wells Fargo revolving credit facility; no early termination penalties incurred.
Net proceeds to be used for general corporate and working capital purposes.
Roth Capital Partners and Dawson James served as financial advisors.

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