Socket Mobile Strengthens Balance Sheet with a Secured Subordinated Convertible Note Financing of $1.5 Million

Financing Details - Socket Mobile, Inc. completed a secured subordinated convertible note financing of $1,500,000 to increase working capital [1] - The notes have a three-year term, maturing on May 30, 2028, with a 10% interest rate payable quarterly in cash [2] - The principal amount of each note is convertible into shares of the Company's common stock at a conversion price of $1.07 per share [2] Participants - Key participants in the financing include the Chairman, CEO, CFO, and other board members of the Company [3] Company Overview - Socket Mobile is a provider of data capture and delivery solutions, primarily serving markets such as specialty retail, field service, digital ID, transportation, and manufacturing [5] - The Company's revenue is driven by third-party barcode-enabled mobile applications that integrate its cordless barcode scanners and contactless readers/writers [5]