 SANTA CLARA, Calif., Feb. 25, 2021 GLOBE NEWSWIRE -- Borqs Technologies, Inc. Nasdaq: BRQS, the Company, a global provider of embedded software and products for the Internet of Things IoT, reported today that the Company has signed agreements with institutional and individual investors on February 25, 2021 for sale of 20 million in convertible notes. The notes are due in two years, have an annual interest rate of 8, convertible into ordinary shares of Borqs at 10 discount from the market price and has 90 warrant coverage with the warrants exercisable at 110 of the conversion price. One-third of the notes are sold at the execution of definitive agreements and two-thirds of the notes will be sold upon the satisfaction of certain conditions, including effectiveness of a registration statement to be filed by the Company by April 15, 2021. Proceeds will be used for the procurement of orders the Company expects to receive from its customers this year and also for development of the next generation 5G products. 