Socket Mobile (SCKT) Enters New Revolving Facilities
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Socket Mobile, Inc. (Nasdaq: SCKT) has entered into new domestic and international working capital revolving credit line agreements with Silicon Valley Bank and has activated the lines.
Pursuant to these agreements, the Company may borrow up to $2.5 million, of which up to $1.5 million is based on qualified receivables from U.S. based customers and up to $1.0 million is based on qualified receivables from international customers. Borrowings under the line are secured with a first priority security interest in all assets of the Company including its intellectual property. The Agreements contain customary representations, warranties and covenants.
Pursuant to these agreements, the Company may borrow up to $2.5 million, of which up to $1.5 million is based on qualified receivables from U.S. based customers and up to $1.0 million is based on qualified receivables from international customers. Borrowings under the line are secured with a first priority security interest in all assets of the Company including its intellectual property. The Agreements contain customary representations, warranties and covenants.
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