DPW Holdings, Inc. Announces Issuance of $200,000 Convertible Promissory Note
May 29 2020 - 6:30AM
DPW Holdings, Inc. (NYSE American: DPW) a diversified holding
company (“
DPW,” or the “
Company”)
announced that on May 28, 2020, it entered into a Securities
Purchase and Exchange Agreement (the “
Agreement”)
with an institutional investor (the “
Investor”).
Pursuant to the Agreement, the Company agreed to exchange a 12%
secured promissory note (the “
Original Note”) in
the original principal face amount of approximately $236,000 issued
to the Investor in January of 2020 for a new note of like tenor due
and payable on June 30, 2020 (the “
Exchanged
Note”) that would become convertible into common
stock of the Company (the “
Common Stock”) should
the Company be in default under the terms of the Exchanged Note. In
addition, pursuant to the Agreement the Company issued to the
Investor a note due and payable on November 28, 2020 in the
principal face amount of $200,000 that becomes convertible into
Common Stock commencing June 30, 2020 (the “
Convertible
Note” and with the Exchanged Note, the
“
Notes”) with an original issue discount of twenty
percent (20%). In conjunction with the issuance of the Convertible
Note, the Company also issued to the Investor a warrant (the
“
Warrant”) to purchase an aggregate of 400,000
shares of Common Stock at an exercise price of $1.07, the closing
price of the Common Stock on May 28, 2020. Each of the conversion
of the Notes and the exercise of Warrant is subject to approval of
the NYSE American.
For more information on DPW Holdings and its
subsidiaries, the Company 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 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 with a global impact. Through its wholly
and majority-owned subsidiaries and strategic investments, the
Company provides mission-critical products that support a diverse
range of industries, including defense/aerospace, industrial,
telecommunications, medical, 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.
Contacts:
IR@DPWHoldings.com or 1-888-753-2235
Ault Global (AMEX:DPW)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ault Global (AMEX:DPW)
Historical Stock Chart
From Apr 2023 to Apr 2024