SMiT Holdings Limited, a CAM supplier and a major mPOS supplier in China has announced that on 9 November 2018, SMiT Holdings (HK) Limited (“SMiT HK”), a wholly-owned subsidiary of the Company completed a further USD 5 millionÂ investment by way of preferred stock purchase (the “Stock Purchase”) in Sensel, Inc. pursuant to a stock purchase agreement. Upon completion of the Stock Purchase, SMiT HK held approximately 9.22% interest in Sensel on fully diluted basis.
Simultaneously, the USD 2 million convertible promissory note issued by Sensel and previously subscribed by SMiT HK in February 2018 was deemed converted into preferred shares in Sensel at completion of the Stock Purchase, and the entire amount owed to SMiT HK under such convertible promissory note was tendered to Sensel in exchange for preferred stock pursuant to the Stock Purchase Agreement.
Sensel is a startup company based in the United States that is developingÂ a next-generation touch technology. Their new touch technology, PressureGrid, can sense both high-resolution position and high-resolution force data with a single sensor. This best-in-class technology is positioned to revolutionize interfaces in consumer electronics, robotics, automotive, and medical industries. Sensel is currently working on bringing PressureGrid to market in smartphones and laptops, where they are using this technology to enable new cutting edge user interfaces and experiences.
Mr Shuai Hongyu, President of SMiT, said, “This further investment is expected to consolidate the Groupâ€™s leading position in the in the IC-based security industry. We believe that the advanced and innovative technology bought by Sensel is in line with the Groupâ€™s development and expansion strategy, and will result in significant benefits in the long term, thereby further strengthening the Groupâ€™s competitive position in the market.”