Socket Mobile Bolsters Balance Sheet with $1.5 Million Secured Subordinated Convertible Note Financing

Press Releases by Socket Mobile
Press Release

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FREMONT, Calif., 2 June 2025 – Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions aimed at enhancing productivity, today announced the successful completion of a $1,500,000 secured subordinated convertible note financing. The proceeds will be used to boost the Company’s working capital.

The notes have a three-year term and will mature on 30 May 2028. They carry an annual interest rate of 10%, payable quarterly in cash. Each note holder may require the Company to repay the principal and any accrued interest at any time after 30 May 2026. The notes are secured by the Company’s assets and are subordinated to its existing debt obligations with Western Alliance Bank, the senior lender. The principal amount of each note is convertible, at the holder’s discretion, into shares of the Company’s common stock at a conversion price of $1.07 per share—the closing price on the Nasdaq Capital Market as of 30 May 2025, and the most recent closing price as of the financing’s close.

Participants in the financing include: Charlie Bass, Chairman of the Company’s Board of Directors; Kevin Mills, Chief Executive Officer and Board Director; Lynn Zhao, Chief Financial Officer and Board Director; Bill Parnell, Board Director; Jason Wu, Company Controller; Eric Glaenzer, Chief Technical Officer; and Enrico Mills, the adult son of Kevin Mills.

Additional information regarding the financing will be made available in the Company’s upcoming Form 8-K filing with the SEC.

Socket Investor Contact:
Lynn Zhao
Chief Financial Officer
510-933-3016
lynn@socketmobile.com

Socket is a registered trademark of Socket Mobile. All other trademarks and trade names mentioned herein may belong to their respective owners.

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About Socket Mobile, Inc.

Socket Mobile is a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Socket Mobile’s revenue is primarily driven by the deployment of third-party barcode-enabled mobile applications that integrate Socket Mobile’s cordless barcode scanners and contactless readers/writers. Mobile Applications servicing the specialty retailer, field service, digital ID, transportation, and manufacturing markets are the primary revenue drivers. Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications. Socket Mobile is headquartered in Fremont, Calif. and can be reached at +1-510-933-3000 or www.socketmobile.com. Follow Socket Mobile on LinkedIn, X, and keep up with our latest News and Updates.