UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 24, 2020
INSEEGO CORP.
(Exact Name of Registrant as Specified in its Charter)
Delaware | 001-38358 | 81-3377646 | ||
(State or other jurisdiction of incorporation) |
(Commission file number) |
(IRS Employer Identification No.) |
12600 Deerfield Parkway, Suite 100
Alpharetta, Georgia 30004
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: (858) 812-3400
Not Applicable
(Former Name, or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Common Stock, par value $0.001 per share Preferred Stock Purchase Rights |
INSG | NASDAQ Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 | Entry into a Material Definitive Agreement. |
On February 25, 2020, Inseego Corp. (the Company) entered into privately-negotiated exchange agreements (the Agreements) with an investor and certain of its affiliated entities holding the Companys 5.50% Convertible Senior Notes due 2022 (Notes), which were issued in accordance with the terms of that certain Indenture, dated January 9, 2017, by and between the Company and Wilmington Trust, National Association, acting as trustee (the Indenture). Pursuant to the Agreements, the investors will exchange $18,000,000 aggregate principal amount of outstanding Notes (the Exchanged Notes) for 4,072,788 shares of the Companys common stock, par value $0.001 per share (Exchange Shares). The investors have agreed to waive any accrued but unpaid interest on the Exchanged Notes. The transactions contemplated by the Agreements are anticipated to close on February 26, 2020. In addition, the investor and certain of its affiliated entities have expressed a desire to enter into additional privately-negotiated exchange agreements with respect to their remaining Notes on an unspecified future date.
The Exchange Shares will be issued in reliance on the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended, as securities exchanged by the Company with its existing security holders exclusively where no commission or other remuneration is paid or given directly or indirectly for soliciting the exchange.
The foregoing description of the Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreements, copies of which will be filed with the Securities and Exchange Commission as exhibits to the Companys Annual Report on Form 10-K for the year ended December 31, 2019.
Item 3.02 | Unregistered Sales of Equity Securities. |
The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02.
Item 8.01 | Other Events. |
On February 24, 2020, the Company was notified that a majority of the unaffiliated holders of the Notes submitted consents seeking to amend the Indenture in order to remove certain covenants restricting the Companys ability to incur additional debt and make certain restricted payments. The Company expects to execute a supplemental indenture in connection with any such amendment.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
INSEEGO CORP. | ||||||
Date: February 26, 2020 | By: | /s/ Stephen Smith | ||||
Name: Stephen Smith | ||||||
Title: Executive Vice President and Chief Financial Officer |