$AITX Convertible Debt Restructured into non-convertible notes and warrants
On December 15, Artificial Intelligence Technology Solutions had announced that it has restructured the vast majority of its debt – which has saved the company a tremendous amount of dilution. And specifically, AITX has restructured over 85% of its convertible debentures into non-convertible notes and warrants. Plus the remaining note holders have not made any conversions in over two years and the company does not anticipate any further conversions prior to restructuring the remaining balance of the debentures.
The company through its subsidiary Robotic Assistance Devices, Inc. (RAD) is looking to redefine the $25 billion (US) security and guarding services industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. And RAD solutions are specifically designed to provide a cost savings to businesses of between 35%-80% when compared to the industry’s existing and costly manned security guarding and monitoring model. RAD delivers costs savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house.
“RAD’s growth over the past several months has been remarkable, and we believe that this is merely the beginning of a steep growth curve,” noted Mark Folmer, RAD’s VP Security & Industry. “We look forward to delivering years of consistently improving results.”
The company has restructured a total of $7,141,110 of convertible debt into $7,141,110 of non-convertible promissory notes with a 36-month maturity and 12% annual compounded interest and 780M warrants with a 36-month maturity and $0.002 exercise price. And the exercise price was calculated by taking the average closing price of the last ten trading days ended December 10 and adding an approximately 25% premium. Moving forward the company will seek debt and low dilutive types of financing as it continues to grow and reach its objectives.
