DPW Holdings Raises $6M in New Debt Financing
May 15 2018 - 8:57PM
DPW Holdings, Inc. (NYSE American: DPW) ("
DPW" or
the "
Company"), a diversified holding company,
hereby announces that it has raised $6M in new debt financing
through the entry into a Securities Purchase Agreement with an
institutional investor for the issuance of (i) a Senior Secured
Convertible Promissory Note (“Note”) with a principal face amount
of $6,000,000; (ii) a five-year warrant to purchase 1,111,111
shares of common stock at an exercise price of $1.35; (iii) a
five-year warrant to purchase 1,724,138 shares of common stock at
an exercise price of $0.87 per share, and (iv) 344,828 shares of
common stock. The shares of common stock to be issued as well
as the shares underlying the warrants will, subject to NYSE
American approval, be registered pursuant to the Company’s current
shelf registration statement on Form S-3 whereas the shares
underlying the note will be registered on a new registration
statement on Form S-3. The Note is only convertible by the lender
upon default by the Company. In connection with this financing, the
Company and certain of its subsidiaries granted the investor a
security interest in their assets. These subsidiaries also agreed
to guarantee repayment of the note.
The Company said the new funding will be used to fund the
acquisition of Enertec Systems. “The Company continues to grow its
assets through financing that seeks to minimize the issuance of
equity and the cost of debt. We continue to pursue transactions
that accretive to the Company’s balance sheet,” said Milton “Todd”
Ault, III, the Company’s CEO and Chairman.
ABOUT DPW HOLDINGS, INC.Headquartered in
Newport Beach, CA, DPW Holdings, Inc., (www.DPWHoldings.com), is a
diversified holding company a growth strategy of acquiring
undervalued assets, disruptive technologies, sustainable solutions,
and exciting ventures for incubation and development to their full
potential for long-term growth and investor returns.
The Company through its wholly-owned subsidiary, Coolisys
Technologies, Inc., is dedicated to providing world-class
technology-based solutions where innovation is the main driver for
mission-critical applications and lifesaving services. Coolisys
serves the defense, aerospace, naval, homeland security, medical,
telecom, datacom, and industrial markets. Coolisys’ growth strategy
targets core markets that are characterized by “high barriers to
entry” and require specialized products and services that are not
likely to be commoditized. Coolisys through its portfolio companies
develops and manufactures cutting-edge products and power solutions
utilizing its customized digital power management and resonant
topology to achieve the highest efficient and highest density power
converters and inverters, specialized complex airborne
high-frequency radio frequency (RF) and microwave detector-log
video amplifiers (DVLA), very high-frequency filters and naval
power conversion and distribution equipment. Coolisys manages four
entities including Digital Power Corporation, www.DigiPwr.com, a
leading manufacturer of power electronics and technology based in
Northern California, 1-877-634-0982; Digital Power Limited dba
Gresham Power Ltd., www.GreshamPower.com, a designer and
manufacturer of power distribution systems primarily for Naval use
based in Salisbury, UK.; Microphase Corporation,
www.MicroPhase.com, a designer and manufacturer of microwave
electronic technology with its headquarters based in Shelton, CT,
1-203-866-8000; and Power-Plus Technical Distributors,
www.Power-Plus.com, a value-added wholesale distributor based in
Sonora, CA, 1-800-963-0066.
Digital Power Lending, LLC, www.DigitalPowerLending.com, a
wholly owned subsidiary of the Company, is based in Fremont, CA,
and is a California private lending company operating under
Financial Lender’s License ##60DBO-77905 dedicated to strategically
providing capital to small and middle size businesses for an equity
interest in addition to loan fees and interest. Super Crypto
Mining, Inc. www.SuperCryptoMining.com is a wholly-owned subsidiary
of the Company, is based in Fremont CA that leverages its
engineering expertise and existing locations to create crypto
currency mining facilities across the globe. Super Crypto Mining,
Inc. operates the branded division, Super Crypto Power,
www.SuperCryptoPower.com. Excelo, LLC, www.Excelo.com, a
wholly-owned subsidiary of the Company, is a national search firm
specializing in fulfilling strategic executive, professional and
hi-tech placements for businesses delivering world-class services.
DPW Holdings, Inc.’s headquarters is located at 201 Shipyard Way,
Suite E, Newport Beach, CA 92663; 1-877-634-0982. For Investor
inquiries: IR@DPWHoldings.com or 1-888-753-2235.
Forward-Looking StatementsThe foregoing 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, including statements regarding the acquisition and the
ability to consummate the acquisition. 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.
Ault Global (AMEX:DPW)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ault Global (AMEX:DPW)
Historical Stock Chart
From Sep 2023 to Sep 2024