WISeKey Obtains Non-Binding Term Sheet of a $25 Million Secured Line of Credit Facility

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WISeKey announced yesterday that it has entered into a non-binding term sheet with a leading US-based, globally active asset management firm specialized on IP asset backed financings — the “Global Asset Management Firm” — with respect to a US$25 million secured line of credit facility.

Any funds obtained under definitive agreements would, among other things, be used to acquire new IoT/Semiconductors patents to be integrated into WISeKey Cybersecurity/IoT Vertical Platform, further bolster the rollout of the WISeKey business in the U.S. and open offices in Silicon Valley.

From the amount of US$25 million, US$16.2 million of the secured credit facility would be used to refinance the loan outstanding under the existing secured credit facility with ExWorks Capital drawn early this year, January 17th, 2017, to acquire QuoVadis. <