Socket Mobile Strengthens Its Balance Sheet with $1.5 Million Secured Subordinated Convertible Note Funding

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 for enhanced productivity, today announced it has completed a secured subordinated convertible note financing totalling $1,500,000. The funds will be used to increase the Company’s working capital resources.

The notes have a three-year duration and will mature on 30 May 2028. They offer an annual interest rate of 10%, payable in cash on a quarterly basis. Each holder has the right to demand repayment of the principal and any accrued interest after 30 May 2026. The notes are secured against the Company’s assets and are subordinated to the Company’s current debt with Western Alliance Bank, its senior lender. The principal of each note can be converted, at the holder’s option, into common shares of the Company at a rate of $1.07 per share, which was the Nasdaq Capital Market closing price on 30 May 2025 and the most recent close at the time of the financing’s completion.

Participants in the financing include: Charlie Bass, Chairman of the Company’s Board; 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, adult son of Kevin Mills.

Further information on the financing will be included in a Form 8-K filing to be submitted by the Company to 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 may be the property of 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.