NEWS: CloudCommerce Announces Increase in Sharehol
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Posted On: 06/28/2016 7:14:05 PM
NEWS: CloudCommerce Announces Increase in Shareholders Equity
The Company’s balance sheet is strengthened as investors agree to forgive accrued interest and exchange debt for $1.85 million of convertible preferred stock
SANTA BARBARA, CA -- (June 28, 2016) - CloudCommerce, Inc. (CLWD), a global provider of advanced e-commerce services for leading brands, today announced that it has increased shareholders equity by exchanging $1.85 million of convertible promissory notes held by investors for Series B preferred stock.
As part of the exchange agreement, the investors also agreed to forgive all accrued interest.
CloudCommerce CEO Andrew Van Noy commented, “This exchange reduced our debt and increased our shareholders equity and represents a heightened level of confidence by investors in our Company's plan for future growth. By strengthening our balance sheet, we are now in a better position to pursue additional acquisitions and fuel organic growth.”
The Company’s balance sheet is strengthened as investors agree to forgive accrued interest and exchange debt for $1.85 million of convertible preferred stock
SANTA BARBARA, CA -- (June 28, 2016) - CloudCommerce, Inc. (CLWD), a global provider of advanced e-commerce services for leading brands, today announced that it has increased shareholders equity by exchanging $1.85 million of convertible promissory notes held by investors for Series B preferred stock.
As part of the exchange agreement, the investors also agreed to forgive all accrued interest.
CloudCommerce CEO Andrew Van Noy commented, “This exchange reduced our debt and increased our shareholders equity and represents a heightened level of confidence by investors in our Company's plan for future growth. By strengthening our balance sheet, we are now in a better position to pursue additional acquisitions and fuel organic growth.”
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