SEALSQ Announces Signing of a Term Sheet for the Third $10.0 Million Tranche of Convertible Notes and Warrants Private Placement
Geneva, Switzerland, Feb. 21, 2024 (GLOBE NEWSWIRE) — SEALSQ Corp (Nasdaq:LAES) (“SEALSQ” or “Company”), a leader in semiconductor, PKI, and Post-Quantum technology development, today announced the signing of a non-binding term sheet for a third tranche of a private placement, amounting to $10 million, which is part of the Company’s private placement pursuant to the securities purchase agreement entered into on July 11, 2023 and first amended on January 9, 2024 with a select group of institutional investors solicited by a placement agent (the “Investors”). The closing of the third tranche is subject to the completion of an amendment to the securities purchase agreement, other definitive legal documentation and the satisfaction of certain closing conditions, including approval by our board of directors. Of note, the first $10 million tranche under this securities purchase agreement has been repaid (in the form of the Company’s Ordinary Shares) with slightly more than 50% of the second tranche of $10 million still outstanding.