NetworkNewsBreaks – GreenBox POS (NASDAQ: GBOX),
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Posted On: 01/31/2022 4:30:05 PM
NetworkNewsBreaks – GreenBox POS (NASDAQ: GBOX), Convertible Note Investor Collaborate to Mitigate Immediate Conversion Risk
GreenBox (NASDAQ: GBOX), an emerging and rapidly growing fintech company, today announced that it has entered into an agreement with respect to the $100 million convertible note financing, originally entered into on Nov. 2, 2021, in order to relieve immediate conversion concerns. Under the agreement, as detailed on GreenBox’s simultaneously filed Form 8-K, certain conversion triggers will be extended from February 3 to May 2, 2022. The 90-day extension offers the company the time to push its business forward toward increased growth, leading to a potentially higher valued stock price and, perhaps, even driving it to a level where the note may be cleared altogether. In a mutually beneficial arrangement, GreenBox has agreed to reduce the note principal to $94,000,000 from the original $100,000,000 in consideration of a payment of $6.9 million. “While raising capital to further fuel our growth initiatives is essential, ensuring long-term value for our esteemed shareholder community is critical. As we take this step with the full cooperation of the investor holding this note, we are delighted to have successfully renegotiated these amended terms,” said Ben Errez, chairman of GreenBox POS. “With a robust pipeline of transformative upcoming initiatives, we are incredibly confident in our ability to execute on our corporate objectives and further deliver the results our shareholders expect from our organization.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
GreenBox (NASDAQ: GBOX), an emerging and rapidly growing fintech company, today announced that it has entered into an agreement with respect to the $100 million convertible note financing, originally entered into on Nov. 2, 2021, in order to relieve immediate conversion concerns. Under the agreement, as detailed on GreenBox’s simultaneously filed Form 8-K, certain conversion triggers will be extended from February 3 to May 2, 2022. The 90-day extension offers the company the time to push its business forward toward increased growth, leading to a potentially higher valued stock price and, perhaps, even driving it to a level where the note may be cleared altogether. In a mutually beneficial arrangement, GreenBox has agreed to reduce the note principal to $94,000,000 from the original $100,000,000 in consideration of a payment of $6.9 million. “While raising capital to further fuel our growth initiatives is essential, ensuring long-term value for our esteemed shareholder community is critical. As we take this step with the full cooperation of the investor holding this note, we are delighted to have successfully renegotiated these amended terms,” said Ben Errez, chairman of GreenBox POS. “With a robust pipeline of transformative upcoming initiatives, we are incredibly confident in our ability to execute on our corporate objectives and further deliver the results our shareholders expect from our organization.”
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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