Debenture Maturity Extension; Proposed Private Placement
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN
INTENDED FOR DISTRIBUTION TO
DISSEMINATION IN
"We are gratified that this significant player in the AI hyperscale data center space has confirmed the market-leading performance of our proprietary ACC semiconductor products," said
Extension of Convertible Debentures
Spectra7 also announces that it has received commitments from holders (the "Consenting Holders") of the requisite 80% of outstanding principal amount of its existing
The Consenting Holders confirm that they remain committed to the execution of the Company's roadmap, and believe the extension will provide the runway to reach significant commercialization milestones.
The Amendment is subject to approval by the
Proposed Private Placement of
The Company also announces its intention to effect a modest private placement of equity securities to certain institutional investors and insiders of the Company (the "Private Placement"), in order to provide working capital to support the production ramp of its new ACC semiconductor products, as well as general corporate purposes. The Company is working with advisors in
Consenting Holders and Board members have indicated that they intend to participate in the Private Placement.
"Our outlook is for revenue growth in the second-half of this year and into 2025, driven by strong adoption of our market-leading ACC semiconductor products", said Mr. Halim.
No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release is not an offer to sell or the solicitation of an offer to buy the securities in
ABOUT
Neither the
CAUTIONARY NOTES
Certain statements contained in this press release constitute "forward-looking statements". All statements other than statements of historical fact contained in this press release, including, without limitation, the Company's anticipated timeline for producing and selling its 800G Active Copper interconnects, the completion of the proposed Debenture amendments and the proposed Private Placement, the Company's revenue outlook for the second half of 2024 and 2025, the Company's strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to, the risk factors discussed in the Company's management's discussion and analysis for the year ended
For more information, please contact:
214-597-8200
ir@spectra7.com
Interim Chief Financial Officer
925-858-7011
ir@spectra7.com
Public Relations
650-269-3043
pr@spectra7.com
1 650Group blog post (https://650group.com/blog/active-copper-market-poised-to-take-significant-share-of-short-distance-market-in-the-data-center/) and 650Group Cloud CAPEX, Data Center, and Ethernet Switch 2Q23 Results and September Forecast. This is forward looking information. See "Cautionary Notes."
SOURCE
© Canada Newswire, source