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Inseego Announces $25 Million Investment by Mubadala
SAN DIEGO--(BUSINESS WIRE)-- Inseego Corp. (Nasdaq: INSG), a pioneer of 5G and intelligent IoT device-to-cloud solutions, today announced that it has closed
About this update from Inseego Corp.
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nInseego Corp. (Nasdaq: INSG), a pioneer of 5G and intelligent IoT device-to-cloud solutions, today announced that it has closed a $25 million private placement for the sale of Series E Preferred Stock to a private fund managed by Mubadala Investment Company’s asset management arm, Mubadala Capital, as part of its public equities strategy. Mubadala Capital joins existing major investors Tavistock Group and North Sound Partners.\n\n\nThis investment strengthens Inseego’s balance sheet and provides the company additional liquidity to continue capitalizing on the unprecedented global opportunity that 5G presents.\n\n\nMubadala Capital Transaction Summary\n\n\nAt the closing of the private placement, Inseego issued 25,000 shares of the Company’s Fixed-Rate Cumulative Perpetual Preferred Stock, Series E, par value $0.001 per share, for a purchase price of $1,000 per share of Series E Preferred Stock, resulting in aggregate gross proceeds to the Company of $25 million. Please refer to the Company's Form 8-K, which was filed with the Securities and Exchange Commission on March 10, 2020, for the complete terms of the private placement. Inseego will provide additional information during the Inseego Fourth Quarter and Full Year 2019 Financial Results call, Wednesday, March 11 at 5:00PM EDT. For parties in the United States, call toll free 1-844-881-0135 to access the conference call. International parties can access the call at 1-412-317-6727.\n\n\nAbout Inseego Corp. \n\n\nInseego Corp. (Nasdaq: INSG) is an industry pioneer in 5G and intelligent IoT device-to-cloud solutions that enable high-performance mobile applications for large enterprise verticals, service providers and small-medium businesses around the globe. Our product portfolio consists of Enterprise SaaS solutions and IoT & Mobile solutions, which together form the backbone of compelling, intelligent, reliable and secure IoT services with deep business intelligence. Inseego powers mission critical applications with a “zero unscheduled downtime” mandate, such as asset tracking, fleet management, industrial IoT, SD WAN failover management and mobile broadband services. Our solutions are powered by our key innovations in purpose-built SaaS cloud platforms, IoT and mobile technologies including the newly emerging 5G technology. www.inseego.com #Putti...