InspireSemi Extends Private Placement with Successful Tranche Close
InspireSemi Extends Private Placement and Closes First Tranche
Vancouver, British Columbia, and Austin, Texas — Inspire Semiconductor Holdings Inc. (TSXV: INSP) (“InspireSemi” or the “Company”), a leading chip design company specializing in high-performance, energy-efficient accelerated computing solutions for demanding applications like High Performance Computing (HPC), AI, and graph analytics, has announced a notable development regarding its financing activities.
The Company has applied to the TSX Venture Exchange (the “Exchange”) for an extension on the closing date of its non-brokered private placement. This placement consists of subordinate voting share units (each an “SV Unit”) and proportionate voting share units (each a “PV Unit”) as part of its ongoing financing efforts, previously highlighted in the Company's release from early July. The new anticipated closing date for the financing is projected for September 16, subject to Exchange approval.
Details of the Financing
The first tranche of the financing was successfully closed on a specified date, generating total proceeds of C$414,584. For investors outside of the United States, SV Units were issued at a price of C$0.16 each, with each SV Unit comprising one subordinate voting share and one-half of a warrant for share purchase, known as an SV Warrant, which is exercisable for one share at a price of C$0.18.
United States investors received PV Units at a price point of C$16.00. Each PV Unit comprises one proportionate voting share and one-half of a PV Warrant, with full warrants exercisable at a share price of $18.00. In total, the Company issued 1,588,250 SV Units yielding C$254,120, alongside 10,029 PV Units raising C$160,464. Both SV Warrants and PV Warrants issued will expire three years from the closing date.
Use of Proceeds
The proceeds from this financing will primarily contribute to general working capital needs. Notably, there are no finder's fees payable for the amounts raised under this financing initiative as of now.
All securities issued in this tranche are subject to resale restrictions per applicable securities law, effective until a specified period from their date of issuance. This financing has received conditional approval from the Exchange but remains pending final approval.
About InspireSemi
InspireSemi (TSXV: INSP) is at the forefront of providing high-performance, energy-efficient accelerated computing solutions tailored for the heavy demands of High-Performance Computing (HPC), AI, graph analytics, and various compute-intensive applications. The Company's flagship product, the Thunderbird supercomputer-cluster-on-a-chip, represents a groundbreaking advancement designed to support multiple industries that include, but are not limited to, financial services, engineering, energy, climate research, life sciences, and the pharmaceutical discovery sector.
InspireSemi’s technological framework is built on an open standard RISC-V instruction set architecture, promising exceptional performance metrics, energy conservation, and enhanced ease of programming. The Company is headquartered in Austin, Texas, and continues to push the boundaries of computing technology.
Contact Information
For further inquiries, please contact:
John B. Kennedy, CFO
(737) 471-3230
invest@inspiresemi.com
Frequently Asked Questions
1. What is the purpose of InspireSemi's recent financing?
The financing aims to fund general working capital needs and support the company’s growth initiatives.
2. What types of units were issued in this financing?
InspireSemi issued subordinate voting share units (SV Units) for international investors and proportionate voting share units (PV Units) for U.S. investors.
3. What are the prices for SV Units and PV Units?
SV Units were priced at C$0.16 each, while PV Units were priced at C$16.00 each.
4. What are the expiration dates for the warrants issued?
Both the SV Warrants and PV Warrants will expire three years from the closing date, which is August 16, 2027.
5. Where can I find more information about InspireSemi?
Additional details about InspireSemi can be found on their official website, https://inspiresemi.com.
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