VANCOUVER, BC AND AUSTIN, TX, Jan. 6, 2023 (Globe Newswire) — Inspire Semiconductor Holdings Inc. (TSXV: INSP) (“Important“or the”company), the chip design company that has built a technology foundation to deliver revolutionary performance, today announced that it has closed the first tranche of its previously announced no-broker private placement (“financing) of units (“units“) raised approximately one-third of the projected total proceeds as previously announced by the Company in its press release dated December 7, 2022 (“Funding press releaseAs previously disclosed, each unit consists of (1) an unsecured convertible note with a principal amount of C$1,000 and (2) 52 warrants for proportionate voting shares. The Company expects to close additional tranches of financing in the first quarter of 2023. Please refer to the funding press release for more information.
Funding is subject to final approval by TSX Venture Exchange.
About InspireSemi
InspireSemi is an Austin-based chip design company that has built a technology foundation that delivers revolutionary performance, power efficiency, versatility, and a thriving open software ecosystem. This allows us to address the many diverse and interconnected markets for high-performance computing (HPC), artificial intelligence, and blockchain. Led by an accomplished team with a proven track record, it has a unique accelerated computing solution that is strongly differentiated from current approaches to these markets.
For more information visit https://inspiresemi.com/
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Investor Relations contact
Phil Carlson / Scott Eckstein
KCSA Strategic Communications
inspiresemi@kcsa.com
Company contact
John B. Kennedy, CFO
(737) 471-3230
jkennedy@inspiresemi.com
Media connection
Tyler Weiland
Chilton Group
+1-972-571-7834
tweiland@sheltongroup.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 regarding InspireSemi’s goals, objectives, strategies, priorities, intentions, plans, beliefs, expectations, estimates, business, operations, financial performance and condition of InspireSemi are forward-looking statements. Often, but not always, forward-looking information can be identified by the use of words such as “plans,” “expects,” “expected,” “budgeted,” “scheduled,” “estimates,” “forecasts,” “intended” or “expects,” “believes,” or variations (including negative variations) of these words, phrases, or expressions formed in the future tense or implying that certain actions, events, or outcomes “may,” “could,” and “may.” or “may” or “will” (or other forms of the above) be taken, happen, come true, or come true.
Forward-looking information includes, but is not limited to, information regarding: (i) the Company’s ability to close additional tranches of financing; (ii) Business plans and company expectations including production and development expectations. and (iii) expectations of other economic, business and/or competitive factors. Forward-looking information is based on currently available competitive, financial and economic data, operating plans, strategies or beliefs as of the date of this presentation, but involves known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, performance or achievements of InspireSemi to differ materially from any results or achievements. future 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 external 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.
Investors are cautioned that forward-looking information is not based on historical facts but rather reflects management’s expectations, estimates, or predictions regarding future results or events based on management’s opinions, assumptions, and estimates that are reasonable at the date the statements are made. Forward-looking information reflects the current beliefs of management and is based on information currently available to them and on assumptions that they believe are not unreasonable in light of all the circumstances. In some cases, material factors or assumptions are discussed in this press release in connection with statements that contain forward-looking information. These material factors and assumptions include, but are not limited to: (i) statements regarding the future business and activities of the Company and developments related thereto after the date of this press release; (ii) expected fulfillment of all closing conditions in connection with the financing, including receipt of final approval from TSX Venture Exchange; (iii) the expected completion of financing on the terms set forth herein and, in any case, on terms not less beneficial to the Company; (iv) projections of economic, business, regulatory and/or other competitive factors relating to the Company or the technology industry in general; (5) The risk factors referred to in this press release and as described from time to time in documents submitted by the Company to the Canadian Securities Regulatory Authorities at SEDAR at address www.sedar.com; and (vi) other events or conditions that may occur in the future. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors that cause actions, events or results to differ from those expected, estimated or intended. The forward-looking information contained herein is provided as of the date of this news release and, other than 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 guarantee that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Should one or more of these risks or uncertainties materialize, or if assumptions underlying forward-looking information prove incorrect, actual results could differ materially from those described herein as intended, planned, expected, believed, estimated or anticipated. Although the Company has attempted to identify significant risks, uncertainties and factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as expected, estimated or intended. The Company does not intend, and assumes no obligation, to update this forward-looking information except as required by applicable law.
Neither TSX Venture nor the Arranging Services Provider (as defined in the TSX Venture Policies) accepts responsibility for the adequacy or accuracy of this release.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor should there be any sale of such securities in any state or jurisdiction in any state or jurisdiction offering these securities solely or solely. Prior to registration or qualification under the securities laws of any state or jurisdiction.
