Leading worldwide managed cybersecurity and technology enablement providing firm High Wire Networks Inc (OTCMKTS:HWNI) is a company that may well be worth tracking this week. The company was in the news this past Friday after it announced that it had managed to exchange as much as $236000 in principal and the accrued interest in a convertible note of the same sum into a conventional loan.
Trading Data
On Friday, HWNI stock surged 12.36% to $0.1000 with 936.05K shares, compared to its average volume 193.03K shares. The stock moved within a range of $0.0932 – 0.1145 after opening trade at $0.0932.
High Wire Networks Replaces Convertible Note with Conventional Loan, Eliminating 4 Million in Fully Diluted Shares Outstanding
The note that had been in place previously was supposed to have been convertible into common shares at $0.06 a share. The convertible element from the loan would go away thanks to the new agreement and would reduce the potential dilution of the company’s shares by as many as 4 million shares, which make up 1.4% of the total number of outstanding shares in High Wire.
It was also announced that the conventional loan is scheduled to be paid out by the company at some point in August this year. The latest announcement came close on the heels of the announcement made by the company earlier on in the week with regards to the sale of its legacy staffing business for a sum of $11.5 million.
That transaction had also helped in the elimination of convertible debt and also led to the cancellation of some Series D convertible shares.
