Smith Micro Software, on March 31, entered into a secured revolving credit facility with Wells Fargo Bank. This revolving line of credit provides the company with borrowings of up to $7 million that can be utilized to finance the company’s working capital requirements and other general corporate purposes. The credit facility has a term of one year but may be renewed upon mutual agreement of the parties.
“We are very pleased to enter into this credit facility with Wells Fargo, which provides Smith Micro with the additional financial flexibility at attractive terms to support our ongoing research and development strategy and to execute product implementations for our wireless telecommunications carrier customers, including migrating multiple carriers onto the SafePath 7 Family Safety platform,” William W. Smith Jr., president and CEO of Smith Micro, said.
