- Inspire Semiconductor Holdings (INSP) has closed a non-brokered private placement for gross proceeds of C$806,750.69
- The proceeds will be used to support the company’s go-forward strategy and general working capital needs
- Inspire Semiconductor Holdings develops computing solutions for blockchain, HPC, AI, and other computing-intensive industries
- Inspire Semiconductor Holdings Inc. (INSP) is up 10 per cent on the day, trading at C$0.11 per share at 9:30 am ET
Inspire Semiconductor Holdings (INSP) has closed a previously announced non-brokered private placement raising gross proceeds of C$806,750.69.
The company issued 805 units consisting of an unsecured convertible debenture in a principal amount of C$1,000 and 52 proportionate voting share purchase warrants.
The company intends to use the proceeds to support the final development of its Thunderbird compute accelerator, as well as for general working capital purposes.
No finder’s fees are payable on any portion of the funds raised under the financing.
Each debenture will carry a term to maturity of three years and bear interest at a rate of 10 per cent per annum. Each debenture shall be convertible into proportionate voting shares at the election of the applicable holder at a conversion price of C$19.00 per share at any point prior to maturity, subject to certain acceleration rights in favour of the company.
Each warrant entitles the holder to purchase one proportionate voting share at a price of $30.00 per subordinate voting share for a term of three years following the closing of the offering.
Each underlying share issued in connection with the financing will be convertible into 100 subordinate voting shares at the option of the holder.
All securities issued will be subject to a statutory four-month hold period.
Inspire Semiconductor Holdings develops computing solutions for blockchain, HPC, AI, and other computing-intensive industries.
Inspire Semiconductor Holdings Inc. (INSP) is up 10 per cent on the day, trading at C$0.11 per share at 9:30 am ET.