Thursday, May 11, 2017
Inseego Gets $20M Loan From Soros, Loses CFO
San Diego-based Inseego, the company until recently known as Novatel Wireless, has received a $20M credit agreement from Lakestar Semi, a private investment fund managed by Soros Fund Management. Terms of the loan--which has a maturity date of May 8, 2018--were not announced. Inseego said the funding will allow it to pursue its near-term objectives, inlcuding sale of its MiFi business and investment in its Ctrack and Inseego North America businesses. In an unrelated move, Inseego said its CFO, Michael Newman, has resigned "for family and personal reasons". Newman is being replaced by interim CFO Tom Allen, who had been interim CFO of Novatel Wireless from June 2014 to September of 2014. The loan and loss of its CFO comes as Inseego has been struggling to get U.S. approval on the sale of MiFi to a Chinese buyer.