InspireSemi Announces Non-Brokered Private Placement of Units

VANCOUVER, British Columbia and AUSTIN, Texas, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Inspire Semiconductor Holdings Inc. (TSXV: INSP) (“InspireSemi” or the “Company”), a chip design company that provides revolutionary high-performance, energy-efficient accelerated computing solutions for High Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads, today announced that it intends to undertake a non-brokered private placement comprised of subordinate voting share units (each an “SV Unit”) or proportionate voting share units (each a “PV Unit”) for combined gross proceeds of up to C$2,500,000 (the “Financing”).

Investors not resident in the United States may subscribe for SV Units at a price per SV Unit of C$0.15. Each SV Unit will consist, of one subordinate voting share in the capital of the Company (each an “SV Share”) and one half of one SV Share purchase warrant of the Company (each whole warrant an “SV Warrant”).

Investors resident in the United States may subscribe for PV Units at a price per PV Unit of C$15.00. Each PV Unit will consist, of one proportionate voting share in the capital of the Company (each a “PV Share”) and one half of one PV Share purchase warrant of the Company (each whole warrant a “PV Warrant”).

Each whole SV Warrant shall be exercisable to acquire one SV Share at a price of C$0.20 for a period of 36 months from issuance. Each whole PV Warrant shall be exercisable to acquire one PV Share at a price of C$20.00 for a period of 36 months from issuance.

The SV Warrants and PV Warrants shall each be subject to an acceleration right exercisable by the Company which will force the exercise of the SV Warrants or PV Warrants should the Company’s SV Shares trade at or above a volume-weighted average price of $0.50 on the TSX Venture Exchange (the “Exchange”) for any 20 consecutive trading days following the closing date of the Financing.

For clarity, each PV Share issued in connection with the Financing, or upon exercise of a PV Warrant will be convertible into 100 SV Shares at the option of the holder and upon the terms outlined in the Company’s articles available as Schedule “A” to the Company’s management information circular dated August 14, 2022 which is available on SEDAR+ at www.sedarplus.ca. Therefore the SV Units and PV Units are economically equivalent.