InspireSemi to Issue Shares Linked to Annual Interest Payments on Certain Bonds

Content of the article

VANCOUVER, British Columbia and AUSTIN, Texas, Aug. 28, 2024 (GLOBE NEWSWIRE) — Inspire Semiconductor Holdings Inc. (TSXV: INSP) (“InspireSemi” or the “Company”), a chip design company that provides revolutionary high-performance, energy-efficient accelerated computing solutions for High Performance Computing (HPC), AI, graph analysis, and other compute-intensive workloads, announced will issue an aggregate of up to 13,645.67 proportional voting shares in the capital of the Company (“Share PV“) at an assumed issue price of $17.50 per PV Share to pay off the $238,800 in full debt (“Interest Payment“) to holders of 10% unsecured convertible bonds issued on August 25, 2023 (“Debt“). Unless otherwise indicated, all dollar amounts in this press release are expressed in Canadian dollars.

Content of the article

The bond was issued on August 25, 2023 (see the Company’s press release of August 25, 2023), matures on August 25, 2026 and bears an annual interest rate of 10%, accrues and is payable annually on August 25 and is paid in cash. or PV Shares with Company options and subject to approval of the TSX Venture Exchange (TheTSXV“). Under the terms of the indenture under which the Bonds are issued, the interest payable to the holders of the Bonds shall be paid in PV Shares at a price per PV Share equal to 100 times the Market Price (as defined in TSXV policy) of the Company’s subordinate voting shares (“Share SV”) on August 28, 2024.

For clarity, each PV Share issued in connection with the Interest Payment may be converted into 100 SV Shares at the holder’s option and in accordance with the conditions set forth in the Company’s articles available as Schedule “A” for the Company’s management information dated August 14, 2022 available on SEDAR+ at www.sedarplus.ca. Therefore, the issue price of PV Shares is the same as the Market Price of SV Shares on August 28, 2024.

Content of the article

Content of the article

All PV Shares issued in connection with the Interest Payment are issued subject to certain prospectus exemptions available under securities laws and are subject to a statutory hold period of four months and one day measured from the date of issue.

Issuance of PV Shares is subject to approval from the TSXV.

About InspireSemi

InspireSemi (TSXV: INSP) provides fast, high-performance and energy-efficient computing solutions for High-Performance Computing (HPC), AI, graph analysis, and other compute-intensive workloads. Thunderbird ‘supercomputer-cluster-on-a-chip’ is a disruptive next-generation data center accelerator, designed to address many underserved and diverse industries, including financial services, computer-aided engineering, energy, climate modeling , and science & medicine. discovery. Based on the open standard RISC-V instruction set architecture, the InspireSemi solution sets new standards for performance, energy efficiency, and ease of programming. InspireSemi is headquartered in Austin, TX.

Content of the article

For more information, visit https://inspiresemi.com
Follow InspireSemi on LinkedIn

Company Contact
John B. Kennedy, CFO
(737) 471-3230
invest@inspiresemi.com

Cautionary Statement Regarding Forward-Looking Information
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Statements about InspireSemi’s goals, objectives, strategies, priorities, objectives, plans, beliefs, expectations and forecasts, and InspireSemi’s business, operations, financial performance and condition are forward-looking statements. Often, but not always, forward-looking information can be identified by the use of words such as “plan”, “expect”, “will”, “budget”, “scheduled”, “forecast”, “forecast”, “intend”, “anticipate”, or “believe” or variations (including negative variations) of these words and phrases, or statements that form the future or indicate that certain actions, events or results “may”, “could”, “will”. “, “can” or “will” (or other variations of forgoing) are taken, happen, achieved, or happen.

Content of the article

Forward-looking information includes, but is not limited to, information regarding: (i) the Company’s business plans and expectations including expectations regarding production and development; and (ii) expectations for economic, business, and/or other competitive factors (iii) expectations regarding the use of funds in terms of Financing. Forward-looking information is based on competitive, financial and economic data and operating plans, strategies or beliefs currently available as of the date of this presentation, but involves risks, uncertainties, assumptions and other factors that may affect actual results. InspireSemi’s performance or achievements, be materially different from any future results, performance or achievements expressed or implied by forward-looking information. These factors may be based on information currently available to the Company including information obtained from third-party industry analysts and other third-party sources and based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement.

Content of the article

Investors are cautioned that forward-looking information is not based on historical facts but reflects management’s expectations, estimates or projections of future results or events based on management’s opinions, assumptions and estimates considered reasonable at the time the report was made. Forward-looking information reflects management’s current beliefs and is based on information currently available to them and on assumptions that are considered unreasonable in all circumstances. In some cases, material factors or assumptions discussed in this news release relate to statements containing forward-looking information. These material factors and assumptions include, but are not limited to: (i) statements relating to the future business and activities of, and developments related to, the Company after the date of this press release; (ii) expected completion or satisfaction of all closing conditions in connection with the Financing, including receipt of final approval from the Exchange; (iii) expectations for other economic, business, regulatory and/or competitive factors related to the Company or the technology industry generally; (iv) the risk factors referred to in this news release and as described from time to time in documents filed by the Company with the Canadian securities authorities on SEDAR+ at www.sedarplus.ca; and (v) other events or circumstances that may occur in the future. Although the Company has attempted to identify important factors that may cause actual actions, events or results to differ from those described in the forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information contained herein is made as of the date of this news release and, except as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results. or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events may differ materially from those anticipated in such statements. Therefore, readers should not rely on forward-looking information.

Content of the article

If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking information prove incorrect, actual results could differ materially from those described herein as expected, planned, anticipated, believed , estimated or expected. Although the Company has tried to identify important risks, uncertainties and factors that may cause actual results to differ materially, there may be other causes that results are not as anticipated, estimated or intended. The Company does not intend, and assumes no obligation, to update this forward-looking information unless required by applicable law.

Neither the Exchange nor the Regulatory Service Provider (as those terms are defined in Exchange policy) accept responsibility for the adequacy or accuracy of this release.

Content of the article