Borqs Technologies, Inc. receives up to US$150 million Line of Credit Offer For serving Borqs large customer pre-orders forecasted at over US$100 million
Borqs Technologies, Inc. - Ordinary Shares (BRQS)
US:NASDAQ Investor Relations:
borqs.com/investors-relations
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Source: GlobeNewswire
SANTA CLARA, Calif., April 13, 2020 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS), (the “Company”, or “Borqs”), a global leader in embedded software and products for the Internet of Things (IoT) industry, today announced that the Company has received a line of credit offer of up to US$150 million from a financing group for working capital needs for the Company’s customer pre-orders forecasted at over US$100 million. The orders are for mobile and IoT devices with Borqs’ embedded software scheduled for delivery beginning in the 2nd quarter of 2020 and extending into the year 2021. The available funds will be primarily used for Borqs development of customized hardware products, integrated with the Company’s propriety software, to major international customers. Such products include IoT and mobile terminal devices for the top tier mobile carriers in the world, and other industrial products specially designed for US, European and Asian customers. Some of the customers ar
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