Inspire Semiconductor Holdings Inc. announced the tapeout of a 5-nanometer (nm) accelerator chip, marking another significant milestone for the company. On October 4, 2022, the Company paid a deposit of US$2 million, which is in addition to the US$1 million previously paid on July 7, 2022, to the world's largest semiconductor foundry supplier for access to advanced nodes for products under development that are expected to go to production over the next twelve months. The Company is excited that its key supply chain partner recognizes its vision and team experience and has given its foundry and capacity access in such a competitive market.

These deposits are key to securing capacity necessary to allow the Company to meet its business objectives. As a result, the Company is undertaking a comprehensive process which includes prudently managing its cash position, reviewing its planned use of funds as previously disclosed, and evaluating various short- and long-term financing solutions to support both its go-forward strategy and general working capital.