Spectra7 Announces Completion of Debenture Amendments

SAN JOSE, Calif., Dec. 13, 2021 /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, announces that the Company has entered into a second supplemental convertible debenture indenture (the "Supplemental Indenture") on December 9, 2021 to bring into effect the previously announced amendments to the Company's existing 7% unsecured convertible debentures (the "Debentures"). The Supplemental Indenture amends the conversion price of the principal amount of the Debentures from $5.00 per common share to $2.50 per common share during the period from January 9, 2022 to July 9, 2022 (the "Amendment").

The Debentures are currently convertible at a price of $2.50 per common share until January 8, 2022. As a result of the Amendment, the conversion price will remain at the current price of $2.50 per common share until maturity. The interest rate and other features of the Debentures are not being amended.

ABOUT SPECTRA7 MICROSYSTEMS INC.

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 virtual reality, augmented reality, mixed reality, data centers 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. 

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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.