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Borqs Technologies Inc (NASDAQ: BRQS) raised million from the sale of two-year 8% convertible notes of $15.3 million to institutional and individual investors as of May 5, 2021, and $7.7 million to the same investors in February and April.
The conversion price of $0.972 per share was 90% of the closing price on the day effectiveness of registration declaration.
Borqs also issued 11.7 million five-year warrants and 2.5 million five-year warrants with an exercise price of $2.222 and $1.540 per share.
The offering proceeds will be utilized to procure orders from its existing and new customers this year, next-generation 5G product development, and investment into the Borqs Huzhou 5G Project for an R&D center and manufacturing facilities to be completed by the second calendar quarter of 2021.
Price action: BRQS shares traded lower by 3.69% at $0.8995 on the last check Monday.
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