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Wednesday, April 22, 2020
One Stop Systems Inc. (OSS)
Completes $6 Million Convertible Note Raise
One Stop Systems Inc is US-based company which is principally engaged in designing, manufacturing, marketing high-end systems for high performance computing (HPC) applications. The company offers custom servers, compute accelerators, solid-state storage arrays and system expansion systems. The product line of the company includes GPU Appliances, GPU Expansion, GPUs and co-processors, Flash storage arrays, Flash storage expansion, Servers, Disk Arrays, Desktop computing appliances, accessories and parts. The company delivers high-end technology to customers through the sale of equipment and software for use on their premises or through remote cloud access to secure data centres housing technology.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Raise. As expected, One Stop completed the previously announced $6 million senior secured convertible note raise. The raise provides OSS with additional flexibility in these challenging times. In addition to this raise, the Company has applied for government assistance under both the PPP and the Disaster Recovery programs.
Terms. At initial close, OSS will issues $3 million of Notes to the buyers at a 10% OID. The notes do not bear interest, unless the Company goes into default, at which time the interest rate would be 18%. The notes have a fixed conversion price of $2.50 for the first six months, a premium above the closing price of the Company’s common stock on Monday, April 20, 2020, after which time the fixed conversion price may reset to…
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