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 prominent chip design firm focused on high-performance, energy-efficient accelerated computing solutions for demanding fields such as High Performance Computing (HPC), AI, and graph analytics, has made an important announcement regarding its financing activities.
The Company has submitted a request to the TSX Venture Exchange (the “Exchange”) to extend the closing date of its non-brokered private placement. This placement includes subordinate voting share units (each an “SV Unit”) and proportionate voting share units (each a “PV Unit”) as part of its ongoing financing efforts, which were previously detailed in the Company’s release from early July. The new expected closing date for this financing is set for September 16, pending approval from the Exchange.
Details of the Financing
The first tranche of the financing was successfully completed on a specified date, raising total proceeds of C$414,584. For investors outside the United States, SV Units were priced at C$0.16 each. Each SV Unit consists of one subordinate voting share and one-half of a warrant for share purchase, referred to as an SV Warrant, which can be exercised for one share at a price of C$0.18.
Investors in the United States received PV Units at a price of C$16.00 each. Each PV Unit includes 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, generating C$254,120, along with 10,029 PV Units, which raised C$160,464. Both SV Warrants and PV Warrants issued will expire three years from the closing date.
Use of Proceeds
The funds raised from this financing will primarily be used to meet general working capital needs. Importantly, there are currently no finder's fees associated with the amounts raised through this financing initiative.
All securities issued in this tranche are subject to resale restrictions in accordance with applicable securities laws, effective until a specified period from their issuance date. This financing has received conditional approval from the Exchange but awaits final approval.
About InspireSemi
InspireSemi (TSXV: INSP) is a leader in delivering high-performance, energy-efficient accelerated computing solutions designed to meet the rigorous demands of High-Performance Computing (HPC), AI, graph analytics, and other compute-intensive applications. The Company’s flagship product, the Thunderbird supercomputer-cluster-on-a-chip, marks a significant advancement that supports various industries, including financial services, engineering, energy, climate research, life sciences, and pharmaceutical discovery.
InspireSemi’s technology is based on an open standard RISC-V instruction set architecture, which offers outstanding performance, energy efficiency, and improved programming ease. The Company is based in Austin, Texas, and is dedicated to advancing computing technology.
Contact Information
For more information, please reach out to:
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 is intended to support general working capital needs and facilitate 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.
