Socket Mobile, Inc. announced that it has entered into a definitive agreement for the private placement of secured subordinated convertible notes for gross proceeds of $1,600,000 on May 26, 2023. The transaction included participation from individual investors, Charlie Bass, Kevin Mills and Bill Parnell. The notes have a three-year term and will mature on May 26, 2026.

The interest rate on the notes is 10%, payable quarterly in cash. The holder of each note may require the Company to repay the principal amount of the note plus accrued interest at any time after May 26, 2024. The principal amount of each note is convertible at any time, at the option of the holder, into common shares at a conversion price of $1.340 per share