and cost-efficient 5G/4G semiconductor solutions, allowing us to target a wide range of wireless Broadband, Critical and Massive IoT devices. In the Broadband IoT data device market, our
solutions serve as the core wireless communications platform in these devices, including portable routers; embedded wireless modems for computing and multimedia devices; and customer-premises equipment, such as fixed wireless broadband access
modems, routers, industrial and residential gateways. In the Critical IoT device markets, our solutions will provide connectivity for public safety, industrial automation and banking to name a few. In the Massive IoT devices market, our solutions
provide connectivity for industrial applications such as transportation, asset and people tracking, retail, smart energy, smart city, agriculture, healthcare and other applications. We also expect to see strong growth in the IoT market in consumer
applications such as wearables, hearables and personal and property trackers.
From 2005 through December 31, 2019, we shipped
approximately 31.8 million 4G baseband-based semiconductor solutions, which have been deployed by leading wireless carriers around the world. We successfully formed multiple important partnerships in 2019 that resulted in an $8.4 million
strategic investment, as well as two non-exclusive multi-year licensing and services deals with strategic partners totaling over $40 million.
Our LTE solutions are currently in commercial deployments in the United States, Canada, Italy, France, Germany, United Kingdom, Nordic
countries, Eastern Europe, the Middle East, Indonesia, Malaysia, Philippines, Vietnam, Japan, China, South Korea, India, Australia, Brazil and elsewhere.
Our LTE solutions are incorporated into devices sold by many leading OEMs and ODMs, including in the Verizon Wireless Ellipsis Jetpack MHS900L
portable router, the Thales IoT (ex Gemalto) ELS31 LTE Category 1 and EMS31 Category M1 industrial M2M modules, the AT&T IMS2 module and in a variety of devices and modules produced by AsiaTEL, Connected Holdings, Daatrics, Foxconn, Gemtek,
Geotab, Geotraq, Inseego, Invoxia, LinkLabs, Lockheed Martin, Multitech, Netcomm, Nimbelink, Pebblebee, Polymer Logistics, PoLTE, Positioning Universal Inc., Pycom, Sercomm, Seongji, USI, Technicolor, Tozed, Trackimo, Wistron NeWeb, ZMTel, ZTEWeLink
and others.
Recent Developments
Note
Amendments
In March 2020, our convertible notes issued in April 2015, April 2016, September 2018, May 2019 and August 2019 were
amended to grant us three options to extend the term of each note, except for the August 2019 note which has two options to extend. Each option will give us the right to extend the term of such note by one year and consequently reset the conversion
price to a 20% premium above the 20-day volume weighted average price (VWAP) if it is lower than the existing conversion price. On the first option exercise, the payment-in-kind interest (PIK) will stay at 7% but the holder, Nokomis Capital, L.L.C. (Nokomis), will be granted a warrant for 10% of the value of the note with a three year term, at an exercise
price of 20% premium above 20-day VWAP. On the second option exercise, the PIK will be adjusted to 9.5%, the previous warrants granted on the first option exercise will be extended by one year and the holder
will be granted an additional warrant for 15% of the value of the note with a three year term, at an exercise price of 20% premium above 20-day VWAP. On the third option exercise, the PIK will be adjusted to
13.5%, and the holder will be granted an additional warrant for 20% of the value of the note with a three year term, at an exercise price of 20% premium above 20-day VWAP. If at any time, the holder converts a
note prior to the date of April 2022, it will receive an extra years worth of PIK so as to incentivize early conversion. In consideration for entering into the amendments, the warrants that Nokomis owns that were scheduled to expire April 2021
were extended to April 2024.