SAN JOSE, Calif., Nov. 16, 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, today
announced that the Company has received conditional acceptance from
the TSX Venture Exchange (the "TSXV") for certain proposed
amendments to the Company's existing 7% unsecured convertible
debentures (the "Debentures"). Under the terms of the
Debentures, the Company was required to seek approval from the TSXV
to amend 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 10,
2022 to July 9, 2022 (the
"Proposed Amendment").
The Debentures are currently convertible at a price of
$2.50 per common share until
January 9, 2022. If the Proposed
Amendment is enacted, the conversion price will remain at the
current price of $2.50 per common
share until maturity.
The Proposed Amendment has been conditionally accepted by the
TSXV, but remains subject to final approval by the TSXV and the
passing of an extraordinary resolution of the holders of the
Debentures pursuant to the terms of the indenture governing the
Debentures. The Company shall issue a further release once the
Proposed Amendment has been finalized.
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.
Neither the TSXV nor its regulation services provided (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
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 statements regarding the Debentureholder's
approval of the Proposed Amendment, the TSXV's final approval of
the Proposed Amendment, and 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 December 31, 2020.
Management provides forward-looking statements because it believes
they provide useful information to investors when considering their
investment objectives and cautions investors not to place undue
reliance on forward-looking information. Consequently, all of the
forward-looking statements made in this press release are qualified
by these cautionary statements and other cautionary statements or
factors contained herein, and there can be no assurance that the
actual results or developments will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, the Company. These forward-looking
statements are made as of the date of this press release and the
Company assumes no obligation to update or revise them to reflect
subsequent information, events or circumstances or otherwise,
except as required by law.
For more information, please contact:
Matt Kreps/Jim Fanucchi
Darrow Associates
214-597-8200
ir@spectra7.com
Spectra7 Microsystems Inc.
Bonnie Tomei
Chief Financial Officer
669-212-1089
ir@spectra7.com
Spectra7 Microsystems Inc.
John Mitchell
Public Relations
650-269-3043
pr@spectra7.com
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SOURCE Spectra7 Microsystems Inc.