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Stay informed with the latest news and press releases from Borqs Technologies Inc (BRQS), a technology company specializing in Android-based smart connected devices and Internet of Things (IoT) solutions. This news feed aggregates official company announcements, regulatory filings, and market-moving developments related to Borqs Technologies' business operations, strategic partnerships, and corporate activities.
Borqs Technologies operates through its proprietary BorqsWare software platform, providing customizable Android solutions for wearables, smartwatches, connected trackers, and industrial IoT applications. The company serves mobile chipset manufacturers, original equipment manufacturers, telecommunications carriers, and enterprise customers across global markets. News coverage on this page encompasses product announcements, partnership developments, technology advancements, and operational updates relevant to shareholders and market participants.
As a foreign private issuer incorporated in the British Virgin Islands with operations spanning Hong Kong, China, India, and the United States, Borqs Technologies files Form 6-K current reports and Form 20-F annual reports with the U.S. Securities and Exchange Commission. These regulatory filings, along with press releases and corporate communications, are aggregated on this page to provide comprehensive coverage of material developments affecting the company.
Bookmark this page to monitor Borqs Technologies news including updates on the BorqsWare platform, connected device initiatives, customer relationships with major OEMs and carriers, strategic transactions, and other corporate developments. The news feed is updated automatically as new announcements become available, ensuring timely access to information for investment research and due diligence purposes.
Borqs Technologies, Inc. (BRQS) announced the signing of agreements on February 25, 2021, to sell $20 million in convertible notes to investors. The notes, due in two years, carry an 8% annual interest rate and are convertible into ordinary shares at a 10% discount, with 90% warrant coverage. One-third of the notes will be sold at the execution of definitive agreements, with the remainder contingent upon a registration statement being effective by April 15, 2021. Proceeds will fund customer orders and development of 5G products.
Borqs Technologies (BRQS) announced the completion of a debt purchase agreement with LMFA Financing LLC, involving approximately $18 million in debt converted to shares. By February 10, 2021, LMFA had acquired $18.23 million in principal and fees, consolidating their stake to 22.73 million shares of Borqs. Additionally, Borqs settled another $1.27 million of debt with its senior lender, eliminating total defaulted debts of $19.5 million. This restructuring aims to improve the company's financial health as they continue developing IoT technology and 5G products.
Borqs Technologies has announced completion of an $18.23 million debt purchase by LMFA Financing LLC, converting debt into 22.73 million shares. The company settled an additional $1.27 million of debt with its lender through the issuance of 1.51 million shares. This transaction has eliminated Borqs' defaulted debts totaling $19.5 million, improving its financial position.
Borqs, a leader in IoT solutions, develops customizable Android-based devices and is focused on 5G product development.
Borqs Technologies (BRQS) announced a significant debt restructuring on December 14, 2020, involving a purchase of approximately $18 million in debt by LMFA Financing LLC. This move will eliminate most debt owed to its senior lender. The transaction, approved by a court, allows LMFA to convert debt into common shares as unrestricted securities. Key benefits include a standstill on creditor actions and potential for better financing terms upon debt repayment.
Borqs Technologies (BRQS) has signed a cooperation agreement for a 5G Industrial Park Project in Huzhou South Taihu New Area. This project will unfold in two phases. Phase one involves creating a 5G R&D center and production plant in a rent-free 5,500 sq.mtr. facility for 2.5 years. Phase two will establish the Borqs 5G Industrial Park, receiving 13,000 sq.mtr. for commercial and residential use. The local government will subsidize costs and provide financing support, aiming to enhance Borqs' product sales growth in 2021.
Borqs Technologies, Inc. (NASDAQ: BRQS) has signed a Memorandum of Understanding (MOU) with the Board Committee of Huzhou South Taihu New Area for establishing a 5G Industrial Park Project. The initiative includes setting up a Joint Venture that will serve as the company's China headquarters for 5G operations, focusing on sales, R&D, and manufacturing. The project comprises a two-phase plan: creating a 5G R&D center and micro-electronics manufacturing lines, with government support for financial assistance, tax incentives, and rent-free facilities for the first two and a half years.
Borqs Technologies has unveiled the Mark One, an Android smartphone incorporating ATSC 3.0 technology in collaboration with One Media 3.0. This device showcases advancements like 4K video and enhanced emergency alerting capabilities. It operates on AT&T and T-Mobile networks, targeting millions of potential MVNO subscribers. Legislation is underway to mandate ATSC 3.0 receivers in smartphones for public safety. Borqs aims to lead in the NextGen TV mobile market amid ongoing technological challenges. The company is focusing on 5G product development.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced a partnership with SkyCentrics to manufacture CTA-2045 technology-based products aimed at optimizing power grid efficiency through smart appliances. The initiative targets utility companies and focuses on smart water heaters that can improve energy efficiency by up to 300%. The partnership anticipates the gradual replacement of over 1 million residential water heaters starting in 2021, contributing to a projected $110 billion market by 2025. This technology aims to significantly reduce carbon emissions in the U.S. energy sector.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced the filing of its annual report for 2019 on Form 20-F with the SEC on September 30, 2020. The company received confirmation on October 2, 2020, from the Nasdaq Office of General Counsel, stating it has regained compliance with the Nasdaq Listing Rule 5250(c)(1). Borqs currently meets all continued listing requirements of the Nasdaq Capital Market. As a leader in IoT embedded software, Borqs focuses on developing Android-based smart devices and is advancing in 5G product development.
Borqs Technologies, Inc. (Nasdaq: BRQS) recently announced that it filed its annual report on Form 20-F for 2019 with the SEC on September 30, 2020. Subsequently, the company received a letter from Nasdaq stating that it has regained compliance with Listing Rule 5250(c)(1) and now meets all continued listing requirements on the Nasdaq Capital Market. Borqs is recognized for its embedded software and products in the IoT sector and is developing 5G-enabled devices.
