gtch bucks ,,,, their funding short on paper and to the share holder only,,,,, go back and start reading 8ks from top to bottom for the last 8 years and see where the money is they joint venture and acouple are trading ,,, everything hidden in the wording ,,,surge is one of them.......... you have to use KEY WORDS when searching sec filings............................
Surge Holdings Retires $4 Million of Notes at $0.50 Per Share; Cancels 2.4 Million Common Shares with Option to Cancel an Additional 950,000 Shares
GlobeNewswire
Mon, Jun 29, 2020
In This Article:
SURG
-0.22%
Memphis, TN, June 29, 2020 (GLOBE NEWSWIRE) -- Surge Holdings, Inc. (SURG), a holding company with diverse business operations in FinTech, Telecommunications and Media, today announced it has retired the full $4 million of its Convertible Promissory Notes (“Notes”) held by AltCorp Trading LLC (“AltCorp”) and its parent GBT Technologies, Inc. (“GBT”) that were previously issued in connection with the acquisition of ECS in September 2019. The Notes were exchanged for stock at $0.50 per share with a one-year lock-up or leak-out period. Additionally, the Company announced it has cancelled approximately 2.4 million shares for total consideration of $500,000 ($0.21 per share) with a one month option to cancel up to an additional 950,000 shares at the same price per share. Further details on the respective transactions are available in the Company’s Form 8-K, which has been filed with the Securities and Exchange Commission and is available on the Company’s website.
Brian Cox, Chairman and CEO of Surge Holdings, commented, “In addition to the progress and fundamental improvement we have achieved in our business, I am pleased to announce these latest transactions, which significantly enhance our balance sheet and capital structure. Specifically, we have removed $4 million of debt from our balance sheet with the Notes converting at a significant premium to the current market price—another important step towards our planned up-listing to a national exchange. Moreover, the agreement to cancel the outstanding shares reinforces our commitment to maximizing value for shareholders.”
