Inseego reduces 91% of 2025 convertible notes via exchange for equity and new secured debt

INSEEGO CORP.

Completed exchange of $91.5M face value of 2025 convertible notes for 2.4M shares, $40.9M new 9% senior secured notes due 2029, and warrants.
Combined with prior repurchases, total debt reduction of $147M (91% of $162M); remaining stub of ~$15M.
New senior secured notes bear 9% interest, secured by first lien on substantially all assets, mature May 2029.
Warrants have exercise prices $11.27-$15.77/share, expire in 4 years, issued to exchanging noteholders.
Affiliates of Golden Harbor and North Sound may now own >5% of common stock; director James Avery affiliated.

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