Borqs Technologies Inc (BRQS) stock did not perform well on Tuesday, April 27, 2021. BRQS shares lost 3.28% in the normal trading session to close at $1.18 per share and later BRQS further declined 2.54% in the after-hours session to close at $1.15 per share. BRQS shares have declined 41.87% over the last 12 months, and they have moved up by 11.32% in the past week. Over the past three months, the stock has lost 13.24%, while over the past six months, it has added only 1.72%.
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Let’s discuss its latest developments.
$20 Million Private Placement
On February 25, 2021, Borqs Technologies, Inc. signed agreements with institutional and individual investors for the sale of $20 million in convertible notes.
The convertible notes are due in two years and can be converted into ordinary shares of Borqs at a 10% discount from the market.
Eliminating debts with the senior lender
On February 22, 2021, Borqs Technologies, Inc. entered into agreements with its senior lender and LMFA Financing LLC (LMFA)in which LMFA will purchase approximately $18 million of debt in tranches.
BRQS defaulted Debts with the senior lender totalling $19.5 million have been eliminated.
5G industrial park project agreement
On December 02, 2020, Borqs Technologies, Inc. signed the official agreement with the Huzhou South Taihu for developing a new area for a 5G industrial park project.
The Joint Venture will get a rent-free facility of 5,500 square meters to develop Borqs 5G Industrial ParkBorqs 5G Industrial Park and later 13000 square meters of residential and commercial land will be provided to develop a communication centre and guest building.
Annual report filing & regaining Nasdaq listingcompliance
On September 30, 2020, BorqsTechnologies filed the annual report for the year ended December 31, 2019, on Form 20-F with the U.S. Securities and Exchange Commission.
The company regained compliance with the Nasdaq listing rule5250(c)(1) on October 2, 2020.
About the company
Borqs Technologies Inc is a China-based company that was founded in 2007. Borqs Technologies is a global leader in software and products for the IoT, providing customizable, differentiated and scalable Android-based smart connected devices and cloud service solutions.
There is no recent news about the company to justify its loss on Tuesday and its performance on Tuesday is a bit strange. We hope that it will bounce back in the coming days.