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.”
To view the full press release, visit http://nnw.fm/5yiC4
About Spectrum Global Solutions Inc.
Spectrum Global Solutions operates through its subsidiaries: AW Solutions, ADEX Corp and TNS. The company is a leading provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico, Guam and the Caribbean. For more information, visit the company’s website at www.SpectrumGlobalSolutions.com.
NOTE TO INVESTORS: The latest news and updates relating to SGSI are available in the company’s newsroom at http://nnw.fm/SGSI
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive instant SMS alerts, text STOCKS to 77948
For more information please visit https://www.NetworkNewsWire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
[email protected]