Socket Mobile Inc. has announced the completion of a secured subordinated convertible note financing valued at $1.5 million. The notes have a three-year term and will mature on May 30, 2028, with an interest rate of 10% payable quarterly in cash. The principal amount of each note can be converted into shares of the company's common stock at a conversion price of $1.07 per share. The notes are secured by the company's assets and are subordinated to debts with Western Alliance Bank, the senior lender. Participants in this financing include key members of the company's board and management team. Additional details will be filed in Form 8-K with the SEC.
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