Inseego Corp. (NASDAQ: INSG), a specialist in 5G and intelligent IoT device-to-cloud platforms, 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 Inseego's existing major investors Tavistock Group and North Sound Partners. This investment "strengthens Inseego’s balance sheet and provides the company additional liquidity to continue capitalizing on the unprecedented global opportunity that 5G presents," it said in a press statement.
Inseego cites itself as "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." The company's product portfolio consists of enterprise SaaS solutions and IoT and mobile platforms, which together form a backbone for secure IoT services.
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. The company's products are powered by key innovations in purpose-built SaaS cloud platforms, as well as IoT and mobile technologies including the newly emerging 5G technology.
Mubadala Capital Transaction Summary
Per the press statement announcing the capital investment:
"At 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, to be held on 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."
Learn more at www.inseego.com.