BORQS
2 warrants + $12 > 1 common. Call 18. Can call cashless.
Internet of things related software.
Aug 18, 2017 Deal completed Pacific Acquisition.
As of August 18, 2017, our authorized and issued capital stock consisted of 30,804,635 ordinary shares, 5,750,000 public warrants, 497,671 private warrants, and 4,415,923 assumed warrants. Our ordinary shares and warrants began trading on the Nasdaq Capital Market (“Nasdaq”) under the symbols “BRQS” and “BRQSW,” respectively, on or around August 21, 2017.
Borqs has achieved significant growth since inception in 2007. Net revenues increased from $47.5 million in 2014 to $75.1 million and $120.6 million in 2015 and 2016, respectively. Borqs recorded a net loss of $8.2 million in 2014 and a net income of $0.8 million and $2.6 million in 2015 and 2016, respectively.
The Company had 565 full-time employees and contractors as of December 31, 2016.
As consideration for the Merger, the Company issued to the Sellers a total of 25,913,964 ordinary shares of the Company (“Merger Consideration Shares”) , based on a final agreed upon Adjusted Merger Consideration of $269,505,229, with a portion of such shares held in escrow as described below. Additionally, the holders of Borqs International issued and outstanding warrants received replacement warrants to acquire an aggregate of 417,166 Company ordinary shares (“Replacement Warrants”), and the holders of Borqs International issued and outstanding options had their options assumed by the Company and now hold options to acquire a total of 3,628,196 Company ordinary shares upon exercise of those options
As of the date of this Report, 38,284,188 shares (equitably adjusted as described above) are outstanding under the 2007 Plan with an exercise price per share from $0.0100 to $0.8590 (as equitably adjusted as described above). No further equity grants will be made under the 2007 Pl
Under the Lock-Up Agreement, each Seller agreed that, during the period from the Closing until the earlier of (x) the first anniversary of the Closing, (y) the date on which the Company consummates a liquidation, merger, share exchange or other similar transaction with an unaffiliated third party that results in all of the Company’s shareholders having the right to exchange their equity holdings in the Company for cash, securities or other property and, (z) only with respect to 50% of each type of Restricted Securities held by each holder, the date on which the closing sale price of Company ordinary shares equals or exceeds $12.50 per share
The Company had 565 full-time employees and contractors as of December 31, 2016.
As of the date of this Report, Asset Horizon International Limited, Keytone Ventures, L.P., Norwest Venture Partners X, L.P., GSR Ventures II, L.P. and our affiliates, and Intel Capital Corporation ( 4 mm) beneficially own approximately 10.7%, 9.8%, 10.8%, 8.4% and 12.3%, respectively, of the outstanding ordinary shares of the Company.