Borqs Technologies Completes $20 Million Private Placement to Support Growth
February 25 2021 - 4:30PM
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 has signed agreements
with institutional and individual investors on February 25, 2021
for sale of $20 million in convertible notes. The notes are due in
two years, have an annual interest rate of 8%,
convertible into ordinary shares of Borqs at 10% discount from the
market price and has 90% warrant coverage with the warrants
exercisable at 110% of the conversion price. One-third of the notes
are sold at the execution of definitive agreements and two-thirds
of the notes will be sold upon the satisfaction of certain
conditions, including effectiveness of a registration statement to
be filed by the Company by April 15, 2021. Proceeds will be used
for the procurement of orders the Company expects to receive from
its customers this year and also for development of the next
generation 5G products.
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 InformationThis 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 that conditions for sale of
$13.3 million of the notes will not be satisfied, including
effectiveness of the registration statement referenced above. The
reader is also 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
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