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Posted On: 10/06/2020 4:15:07 PM
Post# of 848
NetworkNewsBreaks – Spectrum Global Solutions, Inc. (SGSI) Announces Divesture of WaveTech GmbH, TNS Subsidiaries
Spectrum Global Solutions (OTCQB: SGSI), a single-source provider of next-generation communications network and professional services to telecommunications and enterprise markets, today announced the company’s divestiture of its WaveTech GmbH and TNS subsidiaries to a company controlled by three former members of its board of directors. Spectrum’s Series C Convertible Preferred Stock has, in effect, been eliminated in connection with the divestiture and will retire more than $1.7M in convertible debt and other balance sheet liabilities. “The divestiture of these companies will allow Spectrum to proceed in a more streamlined and focused direction with a stronger balance sheet and without an overhang on its cap-table,” Spectrum CEO Roger Ponder said in the news release. “WaveTech GmbH and TNS will now be free to pursue their objectives separately and without public company overhead and oversight.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Spectrum Global Solutions (OTCQB: SGSI), a single-source provider of next-generation communications network and professional services to telecommunications and enterprise markets, today announced the company’s divestiture of its WaveTech GmbH and TNS subsidiaries to a company controlled by three former members of its board of directors. Spectrum’s Series C Convertible Preferred Stock has, in effect, been eliminated in connection with the divestiture and will retire more than $1.7M in convertible debt and other balance sheet liabilities. “The divestiture of these companies will allow Spectrum to proceed in a more streamlined and focused direction with a stronger balance sheet and without an overhang on its cap-table,” Spectrum CEO Roger Ponder said in the news release. “WaveTech GmbH and TNS will now be free to pursue their objectives separately and without public company overhead and oversight.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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