Socket Mobile Announces $0.5 Million Secured Subordinated Convertible Note Financing

FREMONT, Calif., March 30, 2026 - Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions for enhanced productivity, today announced completion of a secured subordinated convertible note financing of $0.5 million. The proceeds will be used to increase the Company's working capital balances.

The notes have a three-year term and will mature on March 27, 2029. The interest rate on the notes is 10%, payable quarterly in cash. The holder of each note may require the Company to repay the principal amount of the note plus accrued interest at any time after March 27, 2027. The notes are secured by the assets of the Company and are subordinated to the Company's debts with Western Alliance Bank, its senior lender. The principal amount of each note is convertible at any time, at the option of the holder, into shares of the Company's common stock at a conversion price of $0.90 per share, the closing price of the common stock on the Nasdaq Capital Market on March 27, 2026, and the most recent closing price as of the closing of the financing.

The related party participating in the financing is Charlie Bass, Chairman of the Company's Board of Directors.

Additional details regarding the financing will be provided in Form 8-K to be filed by the Company with the SEC.