Restaurant developer and brand incubator, Pacific Software (OTCMKTS:PFSF), on April 27, 2022,announcedrestructuring of some debts for ameliorating the firm’s capital structure and balance sheet to prepare for 2022 growth goals.
Trading Data
On Wednesday, PFSF stock increased 4.17% to $0.25 with more than 3K shares, compared to its average volume of 964 shares. The stock moved within a range of $0.2400 – 0.2500 after opening trade at $0.24.
Pacific Software Announces Restructuring of Certain Debts and Derivatives
Chief Operating Officer Michael Finkelstein said that the company has worked hard in the last 12 months for right-sizing its financials as well as capital structure. Finkelstein added that the investments have started to bear fruit. The COO added that the company is preparing to launch a number of new locations as well as brands and the restructure was a key step in preparing for substantial growth in 2022. Michael is excited on the Pacific’s new direction and looks at sharing progress in the coming months.
The firm restructured about $3,000,000 of legacy notes to a fixed-price conversion rate from a fixed percentage conversion rate. The change removes premiums recognized as interest expense and liability on note issuance. As the premiums were removed due to restructuring, the firm has recognised significant gains on debt extinguishment. Under restructured debt, the firm has simplified accounting, and improving predictability of the Company’s capital structure.
Pacific Software, Inc, through subsidiaries and joint ventures, is a partner and investor in the restaurant business in the US.
Key Quote
“In the last year we’ve worked hard to right-size the Company’s financials and capital structure as our current restaurant investments have begun to bear fruit,” said Chief Operating Officer Michael Finkelstein. “As we prepare to launch multiple new locations and brands imminently, this restructure was a key step in preparing for what we expect will be substantial growth in 2022. I’m excited about Pacific’s new direction and look forward to sharing our progress over the coming months.”
