It is truly cheerful to report news of firms of all sizes – small- and large-cap – obtaining a tighter rein on their finances.
On Thursday, it was Longwood, Florida-based Spectrum Global Solutions, Inc. (OTC:SGSI) who told the world announced it had forced the conversion of over $800,000 in convertible seller notes issued last year into Common Stock.
Spectrum is a single-source provider of end-to-end next-generation wireless and wireline network solutions and professional services to the service provider and corporate enterprise markets.
The conversion was aimed not only at reducing debt and accrued interest but increase Spectrum’s shareholder net equity, while readying itself for a NASDAQ up listing application.
CEO Roger Ponder said, "These seller notes have had a toxic impact on our stock price in recent months as portions of the notes were sold at a discount to face value and then converted into common stock at a discount to the market price.
"This forced conversion not only eliminated the ability of the holder to do that in the future, but the notes were actually converted at a substantial premium to the current market price.”
Spectrum Global Solutions provides telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico, Guam and Caribbean.
SGSI shares galloped six-10ths of a cent, or 26.1%, Thursday afternoon, to reach 2.9 cents, on volume of 180,000
