Simplifies Capital Structure as it Positions for Growth
GLENN ALLEN, VA / ACCESSWIRE / January 30, 2019 / Exactus Inc. (OTCQB: EXDI) a healthcare company pursuing opportunities in Hemp derived, Cannabidiol (CBD) products and point of care diagnostics, is pleased to announce that it has reached agreement with the holders of its currently convertible notes to retire those notes. The Company agreed to issue a new series of preferred stock designated as Series A Convertible Preferred Stock in place of the notes.
As a result, the Company's convertible notes which had been currently convertible at variable prices reflecting a predetermined discount to market prices, have been retired and the Company has eliminated this indebtedness. Each share of Series A Convertible Preferred Stock, stated value $1.00 per share, is convertible into the Company's Common Stock at a fixed conversion price of $0.025 per share which upon full conversion represents approximately 37 million shares of Common Stock.
Philip Young, chairman and CEO, commented ''We are pleased to announce the restructuring we completed with our note holders. The elimination of several variable rate, floating price, convertible notes has strengthened our balance sheet and simplified our capital structure as we position the company for a possible up-listing to a national securities exchange.''
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Exactus, Inc., is a healthcare company pursuing opportunities in two distinct business segments, Hemp derived, Cannabidiol, which is more commonly referred to as CBD. Industrial hemp is a type of cannabis, defined by the federal government as having THC (tetrahydrocannabinol) content of 0.3 percent or less. THC is the psychoactive compound found in cannabis. The company is also developing point of care diagnostics.
Forward Looking Statements:
This press release includes forward-looking statements. Such forward-looking statements include those that express plans, anticipation, intent, contingency, goals, targets or future development and/or otherwise are not statements of historical fact. These forward-looking statements are based on our current expectations and projections about future events and they are subject to risks and uncertainties known and unknown that could cause actual results and developments to differ materially from those expressed or implied in such statements. Such risks and uncertainties include, but are not limited to, the impact of competitive firms, the ability to meet regulatory requirements, the ability to manage growth, the ability to acquire and retain clientele, acquisitions of technology, equipment, or human resources, the ability to access new capital, the effect of economic business conditions, and the ability to attract and retain skilled personnel. We are not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.
For more information:
Corporate Communications Contact:
Tim Ryan, EVP, Director
SOURCE: Exactus Inc.
Released January 30, 2019