Spectrum Global Solutions (OTCQB: SGSI), a leading single-source provider of next-generation communications network infrastructure and maintenance solutions, this morning announced that it has forced the conversion of over $800,000 in convertible seller notes that were issued in 2018 into common stock. The move reduces the company’s debt and accrued interest and boosts its shareholder net equity as it prepares for a NASDAQ uplisting application. The common stock, which was issued under Rule 144, is subject to relevant holding periods before it may be sold. “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. 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,” Spectrum Global Solutions CEO Roger Ponder stated in the news release.
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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 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
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