InspireSemi to Issue Shares for Interest Payment on Debentures
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InspireSemi to Issue Shares for Interest Payment
Inspire Semiconductor Holdings Inc. (TSXV: INSP), a leader in chip design, is set to issue an aggregate of up to 13,645.67 proportionate voting shares, referred to as PV Shares, at a deemed issuance price of $17.50 per PV Share. This issuance is to fully settle $238,800 in interest owed to the holders of outstanding 10% unsecured convertible debentures.
Details of the Debentures
The debentures, issued on August 25, 2023, have a maturity date set for August 25, 2026, and feature an annual interest rate of 10%. Interest is accrued and payable annually. The Company may pay this interest in cash or through the issuance of PV Shares, pending the approval from the TSX Venture Exchange (the TSXV).
Interest Payment Conversion Terms
For clarity, every PV Share associated with the Interest Payment is convertible into 100 subordinate voting shares (SV Shares) at the holder's discretion. This conversion is guided by the terms outlined in the Company's articles, which are available in the management information circular. Therefore, the issuance price of the PV Shares correlates directly to the Market Price of the SV Shares.
Securities Legislation Exemptions
All PV Shares issued as part of the Interest Payment are carried out under specific prospectus exemptions permitted by securities legislation. It's important to note that there is a statutory hold period lasting four months and one day from the issuance date of these shares.
Company Overview of InspireSemi
InspireSemi specializes in creating high-performance, energy-efficient computing solutions aimed at sectors such as High-Performance Computing (HPC), artificial intelligence, and graph analytics. Their flagship product, the Thunderbird ‘supercomputer-cluster-on-a-chip,’ marks a significant advancement in datacenter technology, catering to diverse industries including financial services, climate modeling, and life sciences.
Innovative Technology and Market Position
The innovative architecture of InspireSemi's products is based on the open standard RISC-V but raised to new heights regarding performance and energy efficiency. These solutions are designed to simplify computing tasks and make programming more intuitive for developers. InspireSemi's business model not only focuses on developing these cutting-edge technologies but also on aligning their advancements with market needs, offering a robust competitive edge.
Future Growth and Strategic Direction
InspireSemi is positioned for significant future growth as they continue to broaden their reach within the computing market. Their dedication to research and development, coupled with a strong understanding of market dynamics, enables them to forecast and adapt to trends effectively. They aim to expand their impact across various sectors, ensuring they remain at the forefront of innovation.
Investor Communication
For potential investors and stakeholders, InspireSemi maintains open lines of communication. They encourage inquiries to ensure stakeholders are well-informed about company strategies, progress, and opportunities. The management, led by John B. Kennedy, CFO, is committed to transparency and accessibility for all interested parties.
Frequently Asked Questions
What is the purpose of the PV Shares issuance?
The issuance of PV Shares is intended to settle interest payments on outstanding debentures held by investors.
What are the convertible features of the PV Shares?
Each PV Share can be converted into 100 subordinate voting shares at the discretion of the holder.
What industries does InspireSemi target?
InspireSemi targets multiple industries, including financial services, computational engineering, and life sciences, by providing high-performance computing solutions.
How does InspireSemi's technology differ from competitors?
The technology developed by InspireSemi offers advanced performance and energy efficiency based on the RISC-V instruction set architecture, differentiating it from other solutions.
Who can I contact for more information about InspireSemi?
For more information, you can reach out to John B. Kennedy, CFO, at (737) 471-3230 or via email at invest@inspiresemi.com.
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