Business
Data443 CEO Enhances Capital Structure of Company Through Transactions Involving Its Convertible Debt Obligations
Data443 CEO Enhances Capital Structure of Company Through Transactions Involving Its Convertible Debt Obligations.
About this update from Data443 Risk Mitigation Inc Nev
[{"type":"text","content":"\n RALEIGH, N.C., Jan. 29, 2020 (GLOBE NEWSWIRE) -- Mr. Jason Remillard, the Founder and CEO of Data443 Risk Mitigation, Inc. (OTCPK: ATDS), a leading data security and privacy software company, has entered into privately negotiated agreements with a number of existing holders of the company's outstanding convertible notes, which is intended to reduce short-term debt obligations of the company, while also deferring a significant amount of debt which otherwise could have been converted into common stock. The revised terms of the existing convertible notes are as follows: Convertible note held by Auctus Fund, LLC (“Auctus”), with an outstanding principal balance of $1,000,000 as of January 29, 2020. Mr. Remillard has agreed to purchase this note from Auctus on or before July 1, 2020. Auctus has agreed to not exercise any conversion rights under the note until July 1, 2020, so long as Mr. Remillard remains current on a negotiated payment schedule.  Convertible note held by Smea2z, LLC (“Smea2z”) for a total principal amount of $608,850 as of January 29, 2020. Mr. Remillard has acquired this note and has up to and until July 1, 2020 to remit the full purchase price to Smea2z. Smea2z has agreed to not exercise any conversion rights under the note until July 1, 2020, so long as Mr. Remillard remains current on a negotiated payment schedule. Convertible note held by Blue Citi LLC (“Blue Citi”), which was originally issued to AFT Funding Group, LLC (Blue Citi LLC acquired the Note in 2019), for a total principal amount of $444,150 as of January 29, 2020. Mr. Remillard has acquired this note and has up to and until July 1, 2020 to remit the full purchase price to Blue Citi. Blue Citi has agreed to not exercise any conversion rights under the note until July 1, 2020, so long as Mr. Remillard remains current on a negotiated payment schedule. Convertible note held by Blue Citi , for a total principal amount of $1,700,000 as of January 29, 2020. The maturity date of the note has been extended to March 31, 2021, affording the company more time to pay down the note. Interest on the note has stopped accruing interest as of January 1, 2020. Blue Citi has agreed to not exercise any conversion rights under the on $270,000 of principal until July 1, 2020.     Mr. Remillard stated, “...