On Thursday RushNet Inc (OTCMKTS:RSHN) announced that it had gone into an agreement with regards to its debt restructuring strategy. The company announced that at the same time it was going to continue to work with the Financial Industry Regulatory Authority (FINRA and Securities and Exchange Commission (SEC).
On Thursday, RSHN stock decreased 11.11% to $0.0008 with more than 9.31 million shares, compared to volume of 8.98 million shares. The stock moved within a range of $0.0008 – 0.0009 after opening trade at $0.0009.
Rushnet, Inc Investment Partners Remain Confident in heliosDX Overall Strategy; Restructures Debt
Last year in March the company had gone into an agreement with its investors by way of which the payments were to be deferred up until March 2023. As a result of the agreement it became possible for heliosDX, the company’s business unit to defer payment up until March 31, 2023 and at an interest rate which was 2% more than prime rate.
That proved to be a major advantage for heliosDX since the company had to pay very little in the form of interest with regards to the debts up until March 2023. As per the latest amendment of the debt the company is going to start making payments to the investment partners at the rate of 3% of the gross monthly revenues. It was a major new development for RushNet and one that is expected to come as a boost in the long term.