PITTSBURGH - Smith Micro Software , Inc. (NASDAQ:SMSI), a software development company, has announced the retirement of its senior secured convertible notes issued in August 2022. The notes were retired at maturity in accordance with their terms, marking a financial milestone for the company as it enters 2024 debt-free, except for normal payables and financing arrangements.
The company's President, CEO, and Chairman William W. Smith Jr. highlighted the retirement of the debt as a significant step, emphasizing the role of the proceeds from these notes in funding the migration of a tier-one carrier to their SafePath® platform in 2023. Smith expressed optimism about the company's future, citing plans to deliver new technologies and marketing initiatives aimed at expanding the SafePath® platform and growing their subscriber base in 2024 and beyond.
Smith Micro Software specializes in creating software solutions that enhance the mobile experience. Their products serve leading wireless service providers globally and range from family digital lifestyle solutions to voice messaging capabilities. The company's portfolio also includes tools for creating and monetizing content, which are used in smartphones and consumer IoT devices.
The retirement of the convertible notes is a financial development that underscores Smith Micro's commitment to maintaining a healthy balance sheet. This move is expected to provide the company with a stronger financial foundation as it continues to develop and market its software solutions.
The information in this article is based on a press release statement from Smith Micro Software, Inc.
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