Keep an eye on $NETE, Net Element, Inc. (NETE)
$ 0.2537 ▼-0.1642 ( -39.29% )
Volume: 44,771,901
Net Element Announces Conversion of Remaining Series A Convertible Preferred Shares and Warrants
Net Element, Inc.
Transaction Establishes Fixed Conversion Price, Mitigates Potential Dilutive Impact of Convertible Preferred Shares and Warrants
MIAMI, FL--(NewMediaWire - Dec 2, 2015) - Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company"
, a provider of global mobile payment technology solutions and value-added transactional services, today announced that the remaining Series A Convertible Preferred Shares and Warrants held by certain institutional investors were converted to Common Shares of the Company. This conversion retires the last of the outstanding shares of the Series A Convertible Preferred Stock as well as all the Warrants issued to these investors.
"We are pleased to have the opportunity to convert the remaining outstanding shares of our convertible preferred stock into common shares," commented Oleg Firer, CEO of Net Element. "We believe that the conversion of these remaining Series A Preferred Shares and Warrants at a fixed price reduces potential further dilution of our Common Shares."
Additional information regarding conversion of Series A Convertible Preferred Shares and Warrants may be found in Net Element's Current Report on Form 8-K, which was filed with the Securities and Exchange Commission (SEC) on December 2, 2015, and may be obtained from the SEC's Internet website at http://www.sec.gov.
About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME" in the US, Russian Federation and other international markets. In the US it aims to grow transactional revenue by innovating SME productivity services such as its cloud based, restaurant point-of-sale solution Aptito. Internationally, Net Element's strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions such as UAE, Kazakhstan, India and Latin America where initiatives have been recently launched. It maintains offices in Miami, FL and in Russia. Further information is available at www.netelement.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, whether the conversion of the Series A Preferred Shares and Warrants will have a positive impact on the Company or will reduce the potential for further dilution of the Company's Common Shares, whether Net Element can secure any additional financing and if such additional financing will be adequate to meet the Company's objectives. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: (i) Net Element's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element's ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element's ability to successfully expand in existing markets and enter new markets; (iv) Net Element's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element's business; (viii) changes in government licensing and regulation that may adversely affect Net Element's business; (ix) the risk that changes in consumer behavior could adversely affect Net Element's business; (x) Net Element's ability to protect its intellectual property; (xi) local, industry and general business and economic conditions; (xii) adverse effects of potentially deteriorating U.S.-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further U.S. government sanctions or other legal restrictions on U.S. businesses doing business in Russia. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K and the subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element with the Securities and Exchange Commission. Net Element anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
CONTACT INFORMATION
Contact:
Net Element, Inc.
media@netelement.com
+1 (786) 923-0502
$ 0.2537 ▼-0.1642 ( -39.29% )
Volume: 44,771,901
Net Element Announces Conversion of Remaining Series A Convertible Preferred Shares and Warrants
Net Element, Inc.
Transaction Establishes Fixed Conversion Price, Mitigates Potential Dilutive Impact of Convertible Preferred Shares and Warrants
MIAMI, FL--(NewMediaWire - Dec 2, 2015) - Net Element, Inc. (NASDAQ: NETE) ("Net Element" or the "Company"
, a provider of global mobile payment technology solutions and value-added transactional services, today announced that the remaining Series A Convertible Preferred Shares and Warrants held by certain institutional investors were converted to Common Shares of the Company. This conversion retires the last of the outstanding shares of the Series A Convertible Preferred Stock as well as all the Warrants issued to these investors. "We are pleased to have the opportunity to convert the remaining outstanding shares of our convertible preferred stock into common shares," commented Oleg Firer, CEO of Net Element. "We believe that the conversion of these remaining Series A Preferred Shares and Warrants at a fixed price reduces potential further dilution of our Common Shares."
Additional information regarding conversion of Series A Convertible Preferred Shares and Warrants may be found in Net Element's Current Report on Form 8-K, which was filed with the Securities and Exchange Commission (SEC) on December 2, 2015, and may be obtained from the SEC's Internet website at http://www.sec.gov.
About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME"
in the US, Russian Federation and other international markets. In the US it aims to grow transactional revenue by innovating SME productivity services such as its cloud based, restaurant point-of-sale solution Aptito. Internationally, Net Element's strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions such as UAE, Kazakhstan, India and Latin America where initiatives have been recently launched. It maintains offices in Miami, FL and in Russia. Further information is available at www.netelement.com. Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, whether the conversion of the Series A Preferred Shares and Warrants will have a positive impact on the Company or will reduce the potential for further dilution of the Company's Common Shares, whether Net Element can secure any additional financing and if such additional financing will be adequate to meet the Company's objectives. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: (i) Net Element's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element's ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element's ability to successfully expand in existing markets and enter new markets; (iv) Net Element's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element's business; (viii) changes in government licensing and regulation that may adversely affect Net Element's business; (ix) the risk that changes in consumer behavior could adversely affect Net Element's business; (x) Net Element's ability to protect its intellectual property; (xi) local, industry and general business and economic conditions; (xii) adverse effects of potentially deteriorating U.S.-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further U.S. government sanctions or other legal restrictions on U.S. businesses doing business in Russia. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K and the subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element with the Securities and Exchange Commission. Net Element anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
CONTACT INFORMATION
Contact:
Net Element, Inc.
media@netelement.com
+1 (786) 923-0502
I'm in it to win it!
NASDAQ DIP and RIP
Here is the best word that describes what i do here.
Intuitive;
means having the ability to understand or know something without any direct evidence or reasoning process.
I was born with it, I'm truly blessed!
Alway's searching for winners'
NASDAQ DIP and RIP
Here is the best word that describes what i do here.
Intuitive;
means having the ability to understand or know something without any direct evidence or reasoning process.
I was born with it, I'm truly blessed!
Alway's searching for winners'
