NetworkNewsBreaks – Spectrum Global Solutions, I
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Posted On: 05/10/2019 7:45:54 PM
NetworkNewsBreaks – Spectrum Global Solutions, Inc. (SGSI) Eliminates Over $3M in Convertible Debt
Leading telecommunications engineering and infrastructure services provider Spectrum Global Solutions (OTCQB: SGSI) on Thursday announced that it has forced the conversion into common stock of over $3.67 million in convertible seller notes issued in 2017 and 2018. According to the update, the effect of the conversion was to both reduce debt and accrued interest, as well as increase the company’s shareholder net equity as it prepares to apply for NASDAQ uplisting. “These seller notes have had a toxic impact on our stock price in recent months as portions of the notes were sold at a discount to face value and then converted into common stock at a discount to the market price,” Spectrum Global CEO Roger Ponder stated in the news release. “This forced conversion not only eliminated the ability of the holder to do that in the future, but the notes were actually converted at a substantial premium to the current market price.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Leading telecommunications engineering and infrastructure services provider Spectrum Global Solutions (OTCQB: SGSI) on Thursday announced that it has forced the conversion into common stock of over $3.67 million in convertible seller notes issued in 2017 and 2018. According to the update, the effect of the conversion was to both reduce debt and accrued interest, as well as increase the company’s shareholder net equity as it prepares to apply for NASDAQ uplisting. “These seller notes have had a toxic impact on our stock price in recent months as portions of the notes were sold at a discount to face value and then converted into common stock at a discount to the market price,” Spectrum Global CEO Roger Ponder stated in the news release. “This forced conversion not only eliminated the ability of the holder to do that in the future, but the notes were actually converted at a substantial premium to the current market price.”
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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