Business
Data443 Secures $1.5 Million in Growth Capital, Renegotiates Debt at Improved Terms
Data443 Secures $1.5 Million in Growth Capital, Renegotiates Debt at Improved Terms.
About this update from Data443 Risk Mitigation Inc Nev
[{"type":"text","content":"\n RESEARCH TRIANGLE PARK, N.C., July 24, 2023 (GLOBE NEWSWIRE) -- via IBN -- Data443 Risk Mitigation, Inc. (OTCPK: ATDS) (“Data443” or the “Company”), a data security and privacy software company for \"All Things Data Security,\" announces today the successful completion of a series of Transactions (the “Transactions”) that achieve an additional $1.5 million in growth capital to the Company, while retiring certain outstanding debt obligations. The Transactions included a direct investment of $1.5 million, an exchange of an outstanding note for a new note under new terms, and the release of specific security interests on portions of the Company’s assets. These Transactions support several important goals for Data443 in reducing outstanding indebtedness at improved terms, providing the Company greater flexibility to close outstanding technology acquisitions, while positioning Data443 for its previously announced intention to list on a major stock exchange. Dawson James Securities Inc. acted as the sole placement agent. Jason Remillard, Data443’s CEO and founder commented: “We are pleased with the outcome of our debt refinancing efforts which represents a very productive step in assuring our long-term viability and delivering shareholder value. We appreciate the efforts of all parties to complete the Transactions at terms that align and benefit all parties. Notwithstanding the persisting market uncertainties, we raised the funds necessary to facilitate and close accretive transactions while retiring debt. Importantly, this debt retirement positively impacts our shareholder equity ratio, a critical factor in meeting the prerequisites for a listing on a premier stock exchange.” Today’s announcement follows Data443’s recent definitive agreement to acquire certain assets from Cyren Ltd. (“Cyren”). Cyren’s Cyber Threat Intelligence (CTI) offers unmatched competencies for global email service providers, hardware producers, and managed service providers, as Business Email Compromise (BEC) continues to be the main delivery path for all types of ransomware and data thefts. Cyren’s CTI services consolidate multiple data streams to monitor, protect and recover from all cyber attacks. Additional detail on the Transactions can be found in the C...