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Socket Mobile, Inc. reports that its Board of Directors approved two amendments to the company’s Amended and Restated Bylaws. On April 29, 2026, Section 3.2 was amended to reduce the authorized number of directors from eight to seven.
On July 13, 2026, Section 3.9 was amended to update notice provisions for special Board meetings, permitting notice by email, other electronic transmission and overnight courier, removing telecopy and telegram references, and clarifying that Board meetings may be held by remote communication where permitted by law.
Socket Mobile, Inc. appointed Brent MacDonald to its Board of Directors, effective July 13, 2026. MacDonald previously served as an independent director from 2016 to 2023, and the Board has determined he again meets Nasdaq’s independence requirements.
He will receive Socket Mobile’s standard non-employee director compensation and enter into the company’s standard form of indemnification agreement. There are no arrangements, family relationships, or related-party transactions associated with his appointment that require disclosure. With his addition, the Board consists of six members, four of whom are independent under Nasdaq listing standards.
BASS CHARLIE reported acquisition or exercise transactions in this Form 4 filing.
SOCKET MOBILE, INC. director and 10% owner Charlie Bass received a grant of 13,000 shares of Common Stock on June 12, 2026 as board compensation. The shares were valued at the market closing price of $0.91 per share and increased his direct holdings to 1,721,202 shares. This was a stock grant, not an open-market purchase.
PARNELL WILLIAM L. JR reported acquisition or exercise transactions in this Form 4 filing.
SOCKET MOBILE, INC. director William L. Parnell Jr. received a grant of 10,000 shares of Common Stock on June 12, 2026. The award was made to the newly elected Board of Directors and was valued at the market closing price of $0.91 per share. Following this grant, Parnell directly holds 106,600 shares of the company.
Lazarev Ivan reported acquisition or exercise transactions in this Form 4 filing.
Socket Mobile, Inc. director Ivan Lazarev received a stock grant of 9,000 shares of Common Stock on June 12, 2026 as compensation. The grant carried no purchase price to him and was valued at the market closing price of $0.91 per share. After this award, he directly holds 114,560 shares.
Socket Mobile, Inc. reported a leadership change. On June 8, 2026, the Board removed Kevin Mills from his role as President and Chief Executive Officer; he is currently on paid administrative leave while his employment termination date is negotiated.
On June 12, 2026, the Board appointed David A. Holmes, age 51, as the new President and Chief Executive Officer, effective immediately. Holmes has worked at the company since May 2021 as Chief Business Officer and has more than 20 years of experience in Near-Field Communications and mobile payments.
In connection with his promotion, Holmes’ annual base salary increases from $287,000 to $320,000, with other material terms of his employment agreement unchanged from those described in Socket Mobile’s 2026 proxy statement.
Socket Mobile, Inc. reported the results of its 2026 virtual Annual Meeting of Stockholders. Shareholders elected five directors under a plurality voting standard, including Charlie Bass, Kevin J. Mills, Bill Parnell, Ivan Lazarev, and Lynn Zhao.
At the record date, 8,222,958 shares of common stock and 733,194 unvested restricted shares were entitled to one vote each, and 6,352,157 shares, or 70.96% of total shares, were represented, establishing a quorum. Stockholders approved the advisory vote on executive compensation, with 3,650,326 votes for and 81.0% of votes cast in favor, and ratified Sadler, Gibb & Associates LLC as independent public accountants for fiscal year 2026 with 6,330,489 votes for, representing 99.7% of votes cast.
SOCKET MOBILE, INC. Chief Executive Officer Kevin J. Mills reported a bona fide gift of 128,981 shares of Common Stock on May 27, 2026. The shares were transferred at a stated price of $0.00 per share, indicating no sale proceeds. Following this gift, Mills directly holds 53,463 shares of Socket Mobile common stock.
Socket Mobile, Inc. received a Nasdaq deficiency notice because its common stock’s closing bid price stayed below $1.00 per share for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).
The company has 180 calendar days, until November 16, 2026, to regain compliance by maintaining at least a $1.00 bid price for a minimum of 10 consecutive business days, with Nasdaq staff able to extend this to 20 days. If it fails to regain or maintain compliance, its shares on the Nasdaq Capital Market under symbol “SCKT” could be delisted, which the company warns may materially and adversely affect trading liquidity, market price, access to capital, and overall financial condition.
Socket Mobile reported Q1 2026 revenue of $3.7 million, down about 7% from $4.0 million a year earlier, as demand softened in both U.S. and international markets. Gross margin edged up to 51.3%, reflecting cost control despite lower volume. The company posted a net loss of $0.9 million, slightly better than the prior-year loss of $1.0 million, and used $0.77 million of cash in operating activities. Cash and equivalents were $1.71 million at March 31, 2026, while current liabilities totaled $8.78 million, including $6.0 million of 10% secured subordinated convertible notes outstanding. A January 2026 bank amendment waived prior covenant defaults, cut the domestic credit line to $1.0 million, imposed a $1.0 million minimum cash balance, and extended the facility maturity to July 31, 2026. The company continues to invest in its XtremeScan, SocketCam, DuraScan, SocketScan and DuraSled product families and relies heavily on a few large distributors for sales and credit exposure.