Socket Mobile Inc. (NASDAQ: SCKT) announced completion of a $500,000 secured subordinated convertible note financing on March 30. The data capture solutions provider stated the proceeds will be used to increase working capital balances.

The notes carry a three-year term with maturity on March 27, 2029, and bear a 10% interest rate payable quarterly in cash. Note holders may require the company to repay the principal amount plus accrued interest at any time after March 27, 2027.

The notes are secured by company assets and subordinated to debts with Western Alliance Bank, the company's senior lender. The principal amount converts into common stock at the holder's option at a conversion price of $0.90 per share, which was the closing price on the Nasdaq Capital Market on March 27, 2026.

Charlie Bass, Chairman of Socket Mobile's Board of Directors, participated in the financing as a related party. The company stated additional details will be provided in a Form 8-K filing with the SEC.

Socket Mobile, based in Fremont, California, provides data capture and delivery solutions for workforce mobilization. The company's revenue comes primarily from deployment of third-party barcode-enabled mobile applications that integrate Socket Mobile's cordless barcode scanners and contactless readers.