LONGWOOD, Fla., May 09, 2019 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, Inc. (OTCQB: SGSI) (the “Company”), a single-source provider of end-to-end next-generation wireless and wireline network solutions and professional services to the service provider (carrier) and corporate enterprise markets, today announced that it has forced the conversion of over $3.67 million in convertible seller notes that were issued in 2017 and 2018 into Common Stock. The Common Stock was issued under Rule 144 and is subject to applicable holding periods before it may be sold. The effect of the conversion was to not only reduce debt and accrued interest but increase our shareholder net equity as we prepare for a NASDAQ up listing application. For further details, please refer to our Current Report on Form 8-K which will be filed with the Securities and Exchange Commission.
Roger Ponder, Company CEO stated: “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.”
About Spectrum Global Solutions
Spectrum Global Solutions operates through its subsidiaries, AW Solutions, ADEX Corp and TNS. The Company is a leading provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico, Guam and Caribbean. For more information about the Company and its technologies visit the Company’s public filings at www.SEC.gov or the Company’s website at https://SpectrumGlobalSolutions.com/
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.
Spectrum Global Solutions