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Electromedical Technologies Announces Significant Debt Reduction through Restructuring and Conversion into Restricted Common Shares of the Company
Electromedical Technologies Announces Significant Debt Reduction through Restructuring and Conversion into Restricted Common Shares of the Company.
About this update from Electromedical Technologies, Inc.
[{"type":"text","content":"\n\n\n\nElectromedical Technologies Announces Significant Debt Reduction through Restructuring and Conversion into Restricted Common Shares of the Company\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nElectromedical Technologies Announces Significant Debt Reduction through Restructuring and Conversion into Restricted Common Shares of the Company\nPR Newswire\nSCOTTSDALE, Ariz., July 20, 2022\n\n\n\nSCOTTSDALE, Ariz., July 20, 2022 /PRNewswire/ -- InvestorsHub NewsWire -- Electromedical Technologies, Inc. (OTC: EMED) (the \"Company\"), a pioneer in the development and manufacturing of bioelectronic devices, including the FDA-cleared WellnessPro®, designed to relieve chronic, intractable and acute pains by using frequencies and electro-modulation, today announces a significant restructuring of its balance sheet via an agreement with a major debtholder to convert 100% of promissory notes owed and currently subject to  deferment into restricted, unregistered common shares of the Company. \nUnder the terms of the agreement, a holder of multiple convertible promissory notes converted $668,369.56 of notes and accrued interest into approximately 26.7 million shares of restricted common stock at $0.025 per common share. In addition, the debt settlement agreement a release of all claims related to the notes and outlined specific true-up provisions and adjustments allowing the former debtholder to receive additional shares should the value of the underlying settlement shares fall below the set of $0.025 per common share.\nMatthew Wolfson, CEO of the Company, commented, \"This is a significant event for our Company. This settlement agreement results in this holder's debt converting to equity.  With the newly issued restricted shares, the former debt holder is now a long-term partner with the Company. We thank this investor for their faith and trust in this management team and in our Company.\nAs of the last balance sheet filed by the Company for the quarter ending March 31, 2022, total current liabilities totaled approximately $2.2 million.  The conversion...