SOCKET MOBILE, INC. 8-K

What Happened

• Socket Mobile, Inc. announced on March 18, 2026 that it entered into a Secured Subordinated Convertible Note Extension Agreement, extending the maturity date of $1,600,000 in outstanding secured subordinated convertible notes from May 26, 2026 to May 26, 2028. All other terms of the notes remain unchanged.
• Because two board members (Chairman Charlie Bass and director Bill Parnell) hold outstanding notes, a special committee of the Board made up of disinterested directors approved the Extension Agreement.

Key Details

• Original financing: $1,600,000 secured subordinated convertible note financing completed May 26, 2023.
• Extension executed: March 18, 2026; new maturity date: May 26, 2028 (previously May 26, 2026).
• Related parties: Charlie Bass and Bill Parnell are noteholders; special committee approval obtained.
• Other terms: No other changes to the notes’ terms or conditions were reported; the Extension Agreement is filed as Exhibit 10.1.

Why It Matters

• The extension delays the notes’ repayment or conversion obligation by two years, altering the company’s near-term debt timeline and potentially easing immediate cash flow pressure.
• Related-party involvement required disinterested directors’ approval, which the company reports was obtained, addressing governance concerns.
• Investors should note this is an amendment of existing debt terms (not new financing) and watch for future disclosures if the notes are repaid, converted, or further modified.