DPW Holdings Refinances Outstanding Debt
19 June 2019 - 3:57AM
Business Wire
Company Continues to Improve Capital Structure for
2019
DPW Holdings, Inc. (NYSE American: DPW) a diversified holding
company (“DPW,” or the “Company”) announced that the
Company has consummated a transaction with its senior lender to
refinance its outstanding debt through the issuance of a secured,
non-convertible promissory note in the principal amount of
$2,900,000 for which it received $2,800,000 in gross proceeds. The
Company used the gross proceeds to repay an outstanding convertible
promissory note to the lender and used the remainder to extinguish
other short-term debt in the aggregate amount of approximately
$1,000,000. The Company also stated that it continues to work with
certain other of its creditors to decrease its debt and improve its
capital structure while moving forward with its growth and
profitability objectives for 2019. As stated during its Investor
Conference on February 25, 2019, the Company’s goals for this year
include decreasing its debt, increasing both its revenue and
profitability and providing greater shareholder value. In
consideration for the lender agreeing to enter into the refinancing
described above, the Company agreed to issue it 500,000 shares of
its common stock, subject to the approval by the NYSE American, and
to register such shares with the Securities and Exchange
Commission.
DPW’s CEO and Chairman, Milton “Todd” Ault, III said, “We are
very pleased we were able to work with our lenders to reduce more
of our short-term debt and restructure and strengthen our balance
sheet. This particular transaction eliminates eight creditors,
simplifies our balance sheet and audit workload and reduces our
overhead costs. The Company remains dedicated to increasing its
revenue growth, improve its bottom-line results and attain its
stated goals for 2019. We are very pleased our creditors continue
to work with us as we strive to improve our capital structure.”
For more information on the Company, DPW recommends that
stockholders, investors and any other interested parties read the
Company’s public filings and press releases available under the
Investor Relations section at http://www.DPWHoldings.com or
available at www.sec.gov.
About DPW Holdings, Inc.
DPW Holdings, Inc. is a diversified holding company pursuing
growth by acquiring undervalued businesses and disruptive
technologies that hold global potential. Through its wholly owned
subsidiaries and strategic investments, the Company provides
mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial,
telecommunications, medical, crypto-mining, and textiles. In
addition, the Company owns a select portfolio of commercial
hospitality properties and extends credit to select entrepreneurial
businesses through a licensed lending subsidiary. DPW’s
headquarters are located at 201 Shipyard Way, Suite E, Newport
Beach, CA 92663; www.DPWHoldings.com.
Forward-Looking Statements
This press release contains “forward looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These forward-looking statements generally
include statements that are predictive in nature and depend upon or
refer to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update any of them
publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8-K. All filings are available at www.sec.gov and on the
Company’s website at www.DPWHoldings.com.
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