InspireSemi Announces Partial Conversion of Debentures

VANCOUVER, British Columbia and AUSTIN, Texas, Feb. 23, 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, announces that holders (the “Converting Holders”) of an aggregate amount of $113,000 of its outstanding 10% unsecured convertible debentures issued on May 19, 2023, June 28, 2023 and August 25, 2023 (the "Debentures") have elected to convert their Debentures into 10,760 proportionate voting shares in the capital of the Company ("PV Shares") at a deemed issuance price of $10.50 per PV Share.

The Company intends to issue an additional 359.50 PV Shares to the Converting Holders at a deemed issuance price of $19.00 per PV Share to settle in full $6,830.68 in interest owing (the "Interest Payment") to the Converting Holders as of the date of conversion being February 7, 2024.

Under the terms of the indenture pursuant to which the Debentures are issued, the interest payable to the holders of Debentures is payable in PV Shares at a price per PV Share equal to 100 times the Market Price (as defined in the policies of the TSXV) of the Company’s subordinate voting shares (“SV Shares”) on February 23, 2024.

For clarity, each PV Share issued is 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 issuance price of the PV Shares in respect of the Interest Payment is equivalent to Market Price of the SV Shares on February 23, 2024.

All PV Shares issued in connection with the Interest Payment are issued in reliance on certain prospectus exemptions available under securities legislation and are subject to a four month and one day statutory hold period expiring June 24, 2024.

The issuance of the PV Shares in respect of the Interest Payment is subject to the approval of the TSX Venture Exchange.

All dollar amounts in this press release are expressed in Canadian dollars.

About InspireSemi

InspireSemi (TSXV: INSP) provides revolutionary high-performance, energy-efficient accelerated computing solutions for High-Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads. The Thunderbird ‘supercomputer-cluster-on-a-chip’ is a disruptive, next-generation datacenter accelerator designed to address multiple underserved and diversified industries, including financial services, computer-aided engineering, energy, climate modeling, and life sciences & drug discovery. Based on the open standard RISC-V instruction set architecture, InspireSemi’s solutions set new standards of performance, energy efficiency, and ease of programming. InspireSemi is headquartered in Austin, TX.