Sichenzia Ross Ference LLP Represents Borqs Technologies, Inc. in $20 Million Private Placement
Press Release – New York, New York – March 3, 2021 – Sichenzia Ross Ference LLP announced today that it represented Borqs Technologies, Inc. (Nasdaq: BRQS), a global provider of embedded software and products for the Internet of Things (IoT), in a private placement with institutional and individual investors for sale of $20 million in convertible notes. The notes are due in two years, have an annual interest rate of 8%, convertible into ordinary shares of Borqs at 10% discount from the market price and has 90% warrant coverage with the warrants exercisable at 110% of the conversion price.
One-third of the notes are sold at the execution of definitive agreements and two-thirds of the notes will be sold upon the satisfaction of certain conditions, including effectiveness of a registration statement to be filed by the Company by April 15, 2021.
The Sichenzia Ross Ference LLP team was led by partners Darrin M. Ocasio and Avital Perlman.
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