Borqs Technologies Inc (BRQS)

[FairviewInvestor]

Ground Zero 2/22/21 - Debt Settled - all converted shares sold.

*IMO any business updates/good news from here forward signals firm reversal in Share Price?

Feb. 22, 2021 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, the “Company”), a global provider of embedded software and products for the Internet of Things (IoT), reported today that the Company as previously disclosed that the Company has entered into agreements dated December 14, 2020 with its senior lender and LMFA Financing LLC (“LMFA”), a Florida limited liability company and wholly owned subsidiary of LM Funding America, Inc. (Nasdaq: LMFA), in which LMFA will purchase approximately $18 million of debt in tranches. As of February 10, 2021, LMFA has completed the purchase of $18.23 million of principal, accrued interest and applicable fees (the “Debt”), converted into and sold all 22.73 million shares of the Company’s ordinary shares. With the Company settling another $1.27 million of Debt directly with the senior lender by the issuance of 1.51 million shares on February 17, 2021 which the senior lender subsequently sold, the Company’s defaulted Debts with the senior lender totaling $19.5 million have been eliminated



http://www.globenewswire.com/news-release/2021/02/22/2179531/0/en/Borqs-Technologies-Eliminated-All-Debt-Owed-to-its-Senior-Lender.html