PIOIQ, after hours PR stating approval of plan. Also an additional $4.6 million was invested into the company with another $10 million financing for acquisitions of profitable companies. This one could soar imo.
"P10 Industries, Inc. (OTC:PIOIQ), formerly Active Power, Inc., today announced the results of the Confirmation hearing on P10 Industries, Inc.’s prepackaged plan of reorganization under Chapter 11 of the Federal Bankruptcy Code where the prepackaged plan as amended was approved by the Honorable Craig A. Gargotta, U.S. Bankruptcy Court, San Antonio, Texas.
In connection with the Plan, the company entered into a Restructuring Support Agreement (the “210 RSA”) with 210/P10 Investment LLC (“210 Capital”), as well as a Restructuring Support Agreement with Langley Holdings plc, the acquirer of P10’s former operations (“Langley RSA”). Subject to the terms and conditions of the plan and the 210 RSA, Dallas-based 210 Capital will invest $4.654 million cash in P10 in exchange for shares of the company’s common stock representing approximately 48% of the company.
In addition, 210 Capital will provide up to ten million dollars of financing to be used for acquisitions (subject to the terms and conditions of the plan and the 210 RSA) as P10 implements its strategy of monetizing its intellectual property and seeking investments in companies that generate profit and positive cash flows, thus creating long-term stockholder value."
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