ImageWare Systems, Inc. (IWSY)

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ImageWare restructures certain senior securities
Jul. 15, 2020 3:19 PM ET|About: ImageWare Systems, Inc. (IWSY)|By: Khyathi Dalal, SA News Editor
ImageWare Systems (OTCQB:IWSY +2.6%) entered into an agreement with holders of over 90% of its Series A convertible preferred stock to restructure Series A preferred held by such holders.

This will lead to dividend waiver to the holders executing the agreement due for the quarters ending March 31 and June 30, 2020, and the remainder of FY20, based on stock performance.

Under the restructuring terms, one-half of the Series A preferred holders who executed agreements will be exchanged for an equivalent number of newly created Series A-1 Convertible Preferred Stock which would be further convertible into company common stock at $0.65/share.

Through this restructuring, ImageWare intends to finance its working capital requirements through the issuance of a senior security.