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Borqs Technologies, Inc. (Nasdaq: BRQS) has raised $15.3 million in convertible notes, bringing total sales to $23 million in 2021. The notes feature an 8% interest rate and a two-year term. The conversion price was set at $0.972 per share. Additionally, the company issued nearly 12 million warrants with varied exercise prices. Funds will support customer orders and the development of 5G products, as well as investments in the Huzhou 5G Project for R&D and manufacturing. The company reported a recovery in business activities following the COVID-19 impact in 2020.
Borqs Technologies, Inc. (Nasdaq: BRQS) has commenced construction on a research and development center as part of the Huzhou 5G Industrial Park Project. This initiative, which began in January 2021, will provide Borqs with a rent-free facility for 2.5 years, facilitating operational cost reductions by in-sourcing previously outsourced manufacturing activities. Construction is expected to be completed by the second quarter of 2021, with the recruitment of engineers starting in June. The company aims to enhance its IoT product offerings, including the development of 5G solutions.
Borqs Technologies, Inc. (BRQS) announced the signing of agreements on February 25, 2021, to sell $20 million in convertible notes to investors. The notes, due in two years, carry an 8% annual interest rate and are convertible into ordinary shares at a 10% discount, with 90% warrant coverage. One-third of the notes will be sold at the execution of definitive agreements, with the remainder contingent upon a registration statement being effective by April 15, 2021. Proceeds will fund customer orders and development of 5G products.
Borqs Technologies has announced completion of an $18.23 million debt purchase by LMFA Financing LLC, converting debt into 22.73 million shares. The company settled an additional $1.27 million of debt with its lender through the issuance of 1.51 million shares. This transaction has eliminated Borqs' defaulted debts totaling $19.5 million, improving its financial position.
Borqs, a leader in IoT solutions, develops customizable Android-based devices and is focused on 5G product development.
Borqs Technologies, Inc. (Nasdaq: BRQS) recently announced that it filed its annual report on Form 20-F for 2019 with the SEC on September 30, 2020. Subsequently, the company received a letter from Nasdaq stating that it has regained compliance with Listing Rule 5250(c)(1) and now meets all continued listing requirements on the Nasdaq Capital Market. Borqs is recognized for its embedded software and products in the IoT sector and is developing 5G-enabled devices.