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Smith Micro Announces $7.0 Million Revolving Credit Facility
PITTSBURGH--(BUSINESS WIRE)-- Smith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today announced that on March 31 2022, the Company
About this update from Smith Micro Software, Inc.
[{"type":"text","content":" PITTSBURGH--(BUSINESS WIRE)--\nSmith Micro Software, Inc. (NASDAQ: SMSI) (“Smith Micro” or the “Company”) today announced that on March 31 2022, the Company entered into a secured revolving credit facility with Wells Fargo Bank, National Association. This revolving line of credit provides the Company with borrowings of up to $7.0 million that can be utilized to finance the Company’s working capital requirements and other general corporate purposes. The credit facility has a term of one year but may be renewed upon mutual agreement of the parties.\n\nWilliam W. Smith Jr., President and Chief Executive Officer, said “We are very pleased to enter into this credit facility with Wells Fargo, which provides Smith Micro with the additional financial flexibility at attractive terms to support our ongoing research and development strategy and to execute product implementations for our wireless telecommunications carrier customers, including migrating multiple carriers onto the SafePath 7 Family Safety platform.”\n\nAdditional information concerning the credit agreement and related security agreements can be found in the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 5, 2022.\n\nAbout Smith Micro Software, Inc.\n\nSmith Micro develops software to simplify and enhance the mobile experience, providing solutions to some of the leading wireless service providers and cable MSOs around the world. From enabling the family digital lifestyle to providing powerful voice messaging capabilities, our solutions enrich today’s connected lifestyles while creating new opportunities to engage consumers via smartphones and consumer IoT devices. The Smith Micro portfolio also includes a wide range of products for creating, sharing and monetizing rich content, such as visual voice messaging, optimizing retail content display and performing analytics on any product set. For more information, visit www.smithmicro.com.\n\nSmith Micro and the Smith Micro logo are registered trademarks or trademarks of Smith Micro Software, Inc. All other trademarks and product names are the property of their respective owners.\n\nForward-Looking Statements\n\nCertain statements in this press release are forward-looking statements regarding future events or results within the meaning of the Private Securities Litigation Reform Act, including...