Spectra7 Cures Debenture Default
SAN JOSE, Calif.–(BUSINESS WIRE)–Spectra7 Microsystems Inc. (TSX:SEV) (“Spectra7” or the “Company”), a leading provider of high-performance analog semiconductor products for broadband connectivity markets, announced today that on March 6, 2020, it received confirmation from Computershare Trust Company of Canada (“Computershare”), in its capacity as trustee under the indenture governing the Company’s 7.0% senior unsecured debentures (the “Debentures”), that the Company had cured the previously announced event of default.
As disclosed in the Company’s January 15, 2020 news release, Spectra7 had not yet made its interest payment that was due to the holders of Debentures on December 31, 2019. On March 4, 2020, the Company issued the late interest payment with incremental interest to Computershare who subsequently distributed the payment to holders of Debentures. Pursuant to the terms of the indenture governing the Debentures, a formal notice will be sent to holders of Debentures advising such holders that the event of default has been cured.
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 design centers in Cork, Ireland, and Little Rock, Arkansas. For more information, please visit www.spectra7.com.
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, those regarding 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 annual MD&A for the year ended December 31, 2018 and the Company’s short form prospectus dated August 9, 2019. 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.
Spectra7 Microsystems Inc.
Spectra7 Microsystems Inc.
Chief Financial Officer