$BTIM has completed the restructuring of a major p
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Posted On: 02/02/2021 6:31:29 AM
$BTIM has completed the restructuring of a major part of its debt into convertible promissory notes. On July 21 and August 28, 2020, BOATIM INC. confirmed the assignment of debt from CAYO VENTURES GMBH (the "Assignor"
to several parties (the "Assignees". The Company issued new convertible promissory notes in the total amount of US$ 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."
to several parties (the "Assignees". 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."
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