Socket Mobile Strengthens Its Balance Sheet with £1.5 Million Secured Subordinated Convertible Note Financing

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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 designed to improve productivity, today announced it has completed a £1.5 million secured subordinated convertible note financing. The proceeds will go towards boosting the Company’s working capital.

The notes have a three-year term and mature on 30 May 2028. They carry an annual interest rate of 10%, which will be paid in cash on a quarterly basis. From 30 May 2026 onwards, note holders can demand repayment of the principal plus any accrued interest. The notes are secured by the Company’s assets and are subordinated to existing debts owed to its senior lender, Western Alliance Bank. Each note’s principal can be converted, at the holder’s discretion, into ordinary shares at a conversion price of £1.07 per share—the closing price on 30 May 2025 as listed on the Nasdaq Capital Market and the most recent price at the time of financing closure.

Those participating 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, the adult son of Kevin Mills.

Additional information relating to the financing will be detailed in Form 8-K, which the Company plans to file 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 referenced 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.