$BTIM completed the restructuring of a major part of its debt into convertible promissory notes. On July 21 and August 28, 2020, BOATIM INC. confirmed the assignment of debt from CAYO VENTURES GMBH (the "Assignor"
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to several parties (the "Assignees"
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. The Company issued new convertible promissory notes in the total amount of US$ 1,060,000.00. The notes are unsecured, non-interest bearing and have a 6 months term. At the election of the holders the notes may be converted into common shares in the Company at no less than 70% of the then-current trading price of the Company's stock.
"This restructuring of a major portion of our Company´s early stage development debt is a major step towards strengthening our balance sheet." says Wolfgang Tippner, BOATIM´s CEO, "From discussions with those new note holders - and given our latest momentum on product development and market activity - we expect that their preferred choice will be to convert at the maturity date."