Borqs Technologies Eliminated All Debt Owed to its Senior Lender
February 22 2021 - 8:00AM
Borqs Technologies, Inc. (Nasdaq: BRQS, the “Company”), a global
provider of embedded software and products for the Internet of
Things (IoT), reported today that the Company as previously
disclosed that the Company has entered into agreements dated
December 14, 2020 with its senior lender and LMFA Financing LLC
(“LMFA”), a Florida limited liability company and wholly owned
subsidiary of LM Funding America, Inc. (Nasdaq: LMFA), in which
LMFA will purchase approximately $18 million of debt in tranches.
As of February 10, 2021, LMFA has completed the purchase of $18.23
million of principal, accrued interest and applicable fees (the
“Debt”), converted into and sold all 22.73 million shares of the
Company’s ordinary shares. With the Company settling another $1.27
million of Debt directly with the senior lender by the issuance of
1.51 million shares on February 17, 2021 which the senior lender
subsequently sold, the Company’s defaulted Debts with the senior
lender totaling $19.5 million have been eliminated.
About LMFA Financing LLCLM
Funding America, Inc., together with its subsidiaries, is a
technology-based specialty finance company that provides funding to
nonprofit community associations (Associations) primarily located
in the state of Florida, as well as in the states of Washington,
Colorado and Illinois by funding a certain portion of the
associations' rights to delinquent accounts that are selected by
the Associations arising from unpaid Association assessments.
About Borqs Technologies,
Inc.Borqs Technologies is a global leader in software and
products for the IoT, providing customizable, differentiated and
scalable Android-based smart connected devices and cloud service
solutions. Borqs has achieved leadership and customer recognition
as an innovative end-to-end IoT solutions provider leveraging its
strategic chipset partner relationships as well as its broad
software and IP portfolio.
Borqs’ unique strengths include its Android and
Android Wear Licenses which enabled the Company to develop a
software IP library covering chipset software, Android
enhancements, domain specific usage and system performance
optimization, suitable for large and low volume customized
products. The Company is also currently in development of 5G
products for phones and hotspots.
Forward-Looking Statements and
Additional Information
This press release may include “forward-looking
statements” that involve risks and uncertainties that could cause
actual results to differ materially from what is expected. Words
such as “expects”, “believes”, “anticipates”, “intends”,
“estimates”, “predicts”, “seeks”, “may”, “might”, “plan”,
“possible”, “should” and variations and similar words and
expressions are intended to identify such forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking. Such forward-looking statements
relate to future events or future results, based on currently
available information and reflect our management’s current beliefs.
Many factors could cause actual events or results to differ
materially from the events and results discussed in the
forward-looking statements, including the possibility that some or
all of the debt may not be converted as described herein, and the
negative impact of the coronavirus on the Company’s supply chain,
revenues and overall results of operations, so the reader is
advised to refer to the Risk Factors sections of the Company’s
filings with the Securities and Exchange Commission for additional
information identifying important factors that could cause actual
results to differ materially from those anticipated in the
forward-looking statements. Except as expressly required by
applicable securities law, the Company disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
Investor Contact:
Sandra DouDirector of FinanceBorqs Technologies,
Inc.sandra.dou@borqs.net www.borqs.com
Borqs Technologies (NASDAQ:BRQS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Borqs Technologies (NASDAQ:BRQS)
Historical Stock Chart
From Jul 2023 to Jul 2024