ConnectM Successfully Eliminates $7.5 Million in Debt, Reaching Halfway Mark in Debt-To-Equity Conversion
September 17 2024 - 8:30AM
ConnectM Technology Solutions, Inc. (Nasdaq: CNTM)
(“ConnectM” or the “Company”), a technology company focused on the
electrification economy, today announced the Company has completed
more than half of its initial tranche of a debt-to-equity swap by
converting $7.5 million of the Company’s outstanding debt to common
equity at $2.00 per share. This action begins a series of balance
sheet deleveragings as ConnectM seeks to maximize value for
shareholders. Today’s transaction executes on the previously
announced approval from the Company’s Board of Directors to convert
up to $15 million of the Company’s outstanding debt to common
equity at $2.00 per share.
About ConnectM Technology Solutions, Inc.
ConnectM is at the forefront of advancing the
electrification economy, integrating electrified energy assets with
its AI-driven technology solutions platform. Serving residential
and light commercial buildings, as well as all-electric original
equipment manufacturers (OEMs), ConnectM’s proprietary platform
accelerates the transition to solar and all-electric heating,
cooling, and transportation. By leveraging technology, data,
artificial intelligence, contemporary design, and behavioral
economics, ConnectM aims to make electrification more
user-friendly, affordable, precise, and socially impactful. The
company’s vertically integrated approach includes wholly-owned
service networks and a comprehensive technology stack, enabling
customers to reduce their reliance on fossil fuels, lower energy
costs, and minimize their carbon footprint. ConnectM is
headquartered in Marlborough, Massachusetts.
For more information, please visit:
https://www.connectm.com/
Cautionary Note Regarding
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
and Section 21E of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). We have based these forward-looking
statements on our current expectations and projections about future
events. All statements, other than statements of present or
historical fact included in this press release, regarding our
future financial performance and our strategy, expansion plans,
future operations, future operating results, estimated revenues,
losses, projected costs, prospects, plans and objectives of
management are forward-looking statements. In some cases, you can
identify forward-looking statements by terminology such as “may,”
“should,” “could,” “would,” “expect,” “plan,” “anticipate,”
“intend,” “believe,” “estimate,” “continue,” “project” or the
negative of such terms or other similar expressions. These
forward-looking statements are subject to known and unknown risks,
uncertainties and assumptions about us that may cause our actual
results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity,
performance or achievements expressed or implied by such
forward-looking statements. Except as otherwise required by
applicable law, we disclaim any duty to update any forward-looking
statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date
of this press release. We caution you that the forward-looking
statements contained herein are subject to numerous risks and
uncertainties, most of which are difficult to predict and many of
which are beyond our control.
In addition, we caution you that the
forward-looking statements regarding the Company contained in this
press release are subject to the risks and uncertainties described
in the “Cautionary Note Regarding Forward-Looking Statements”
section of the Current Report on Form 8-K filed with the Securities
and Exchange Commission on July 18, 2024. Such filing identifies
and addresses other important risks and uncertainties that could
cause actual events and results to differ materially from those
contained in the forward-looking statements. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statements,
and ConnectM is under no obligation to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Contact:
MZ North America
(203) 741-8811
ConnectM@mzgroup.us
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