Spectra7 Announces Completion of Debenture Amendments
TORONTO, July 26, 2022 /CNW/ -- (TSXV:SEV) (OTCQB:SPVNF) Spectra7 Microsystems Inc. ("Spectra7" or the "Company"), a leading provider of high-performance analog semiconductor products for broadband connectivity markets, today announced that it entered into a third supplemental convertible debenture indenture (the "Supplemental Indenture") on July 26, 2022 to bring into effect the previously announced amendments to the Company's existing $6.8 million of 7% unsecured convertible debentures (the "Debentures"). All dollar amounts referenced in this release are in Canadian dollars.
Pursuant to the Supplemental Indenture, the maturity date of the Debentures has been extended to September 9, 2022. The Company has agreed to pay 20% of the outstanding principal amount together with the 10% bonus principal outstanding on the Debentures on August 2, 2022, including accrued and unpaid interest earned thereon. As consideration for the amendments, the Company has also agreed to pay a non-convertible extension bonus at maturity to the Debentureholders equal to 3.688% of the principal outstanding, after the repayment described above.
For further details on the amendments, see the Company's press release dated July 8, 2022.
Spectra7 Microsystems Inc. is a high-performance analog semiconductor company delivering unprecedented bandwidth, speed, and resolution to enable disruptive industrial design for leading electronics manufacturers in data centers, 5G infrastructure, virtual and augmented reality, and other connectivity markets. Spectra7 is based in San Jose, California with a design center in Cork, Ireland and technical support location in Dongguan, China. For more information, please visit www.spectra7.com.
Neither the TSX Venture Exchange nor its regulation services provided (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Matt Kreps/Jim Fanucchi
Darrow Associates
214-597-8200
[email protected]
Spectra7 Microsystems Inc.
Bonnie Tomei
Chief Financial Officer
669-212-1089
[email protected]
Spectra7 Microsystems Inc.
John Mitchell
Public Relations
650-269-3043
[email protected]
SOURCE Spectra7 Microsystems Inc.
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