The company restructured the debt by issuing new convertible debt in the principal amount of $1,492,000. Subject to the approval by the NYSE American, the new note will be convertible into shares of the company’s common stock at a conversion price equal to 22 cents.
”With this transaction, DPW has now either restructured or reduced over $15.8 million in short-term debt, has completed restructuring nearly all of the company’s short-term debt and looks forward in the current quarter to repaying the remaining outstanding balance of under $500,000,” said DPW CEO Milton Ault.
DPW's stock closed Friday's session at 23 cents per share.
4 Stocks To Watch For July 8, 2019
A Peek Into The Markets: US Stock Futures Signal Lower Start On Wall Street
See more from Benzinga
- Karyopharm Spikes Higher After Selinexor Leak
- Boeing Sets Aside 0M For 737 Max Crash Victims
- Kellogg Rallies After Columnist Reviews MorningStar Farms Grillers' Vegetarian Burgers
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.