SOCKET MOBILE, INC. (NASDAQ:SCKT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into Material Definitive Agreements
On March 20, 2017, Socket Mobile, Inc. (the “Company”)
completed a Business Financing Modification Agreement by and
between the Company and Western Alliance Bank, parent of Bridge
Bank (the “Bank”), to extend the expiration date of a revolving
credit line agreement for the domestic (U.S. based) portion of
the line for one additional year to February 27, 2019. The
domestic portion of the credit line is $2,000,000. Cash and
qualified receivables must be no less than 1.75 times outstanding
borrowings under the line. The Agreement contains customary
representations, warranties and covenants. The line is secured by
all of the Company’s assets, including intellectual property.
The international portion of the credit line is $500,000, expires
on February 27, 2018 and was not changed. The international
portion of the line includes certain accounts receivable
guarantees from EXIM Bank.
The Company initially entered into the revolving credit line
agreement with Bridge Bank as reported in a Form 8-K dated March
7, 2014 for an initial two year period ended February 27, 2016.
The Company subsequently reported extensions of the credit line
agreement on Form 8-K’s dated March 23, 2015 and February 26,
2016.
The foregoing description of the modification to the revolving
credit line with the Bank does not purport to be complete and is
qualified in its entirety by reference to the full text of the
Business Financing Modification Agreement, a copy of which is
attached hereto as Exhibit 10.1 and incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits
| Exhibit No. | Description | |
| 10.1 |
Business Financing Modification Agreement effective March 20, 2017 between Socket Mobile, Inc. and Western Alliance Bank |
About SOCKET MOBILE, INC. (NASDAQ:SCKT)
Socket Mobile, Inc. is a producer of data capture products. The Company’s products are integrated into mobile applications used in mobile point of sale (mPOS), hospitality, asset management, commercial services, healthcare and other mobile business markets. The Company operates through mobile systems solutions for businesses segment. Its cordless barcode scanners connect over Bluetooth and work with applications running on smartphones, mobile computers and tablets using various operating systems. It offers a software developer kit (SDK) to mobile application developers to enable the use of its products with their applications. The Company offers barcode scanning products for both one-dimensional (1D), including imager and laser, and two-dimensional (2D) barcode scanning in standard and durable cases. Its 7 Series barcode scanners are designed for handling as a stand-alone cordless barcode scanner. Its D700 series barcode scanners are used in linear imaging, laser and 2D models. SOCKET MOBILE, INC. (NASDAQ:SCKT) Recent Trading Information
SOCKET MOBILE, INC. (NASDAQ:SCKT) closed its last trading session down -0.14 at 4.64 with 11,729 shares trading hands.
